The healthcare industry in Singapore is one of the busiest in the country, both strategically and financially. With the country’s business sectors constantly moving upward, the call for drastic changes in the health industry is preeminent. In this case, small-to-medium enterprises (SME) will benefit from digital solutions such as supply chain financing.
Since SMEs in the healthcare industry require all the financial help they can get, it’s no surprise that supply chain financing is painted into the picture. Hospitals, clinics, and pharmaceuticals need a steady flow of supplies from manufacturers and distributors. To remain in a consistent relationship with suppliers, healthcare enterprises and businesses can largely benefit from the advantages of supply chain financing.
Why is supply chain financing ideal?
One of the main goals of healthcare businesses to retain a constant flow of supplies from manufacturers or distributors. It keeps enterprises balanced when providing their clients and patients with much-needed merchandise. For circumstances such as this, the need for supply chain financing comes into play.
Supply chain financing strengthens both parties involved in the relationship. The benefits of invoice financing and reverse factoring enables a multitude of opportunities that can strengthen the relationship of the buyer and the seller.
One advantage that’s powerful in the healthcare industry is the benefit of faster payment, which in return, gives faster access to the receivables. This is a must in the healthcare industry since business runs 24/7 with a constant need for supervision over resources and finance.
Another major game-changer for healthcare enterprises in Singapore is the ability to reduce costs and disbursements. With the increasing complexities in the industry, the focus has shifted to budget-saving opportunities, hence, supply chain financing. Opportunities that offer the chance to reduce costs gives more flexibility for SMEs, improving workflow in the process.
The goal of supply chain financing is to bridge the gap that prevents suppliers and buyers from reaching their desired level. Fortunately, for healthcare enterprises and firms, the benefits of invoice financing and reverse factoring are available.
Moving on from traditional methods
It’s an understatement to say that businesses are fortunate enough to move on from traditional methods of financing. In Singapore, SMEs are proven to have a significant boost in growth due to invoice financing. While not all businesses around the world are investing in supply chain financing, industries are beginning to adapt and level their playing field.
Paper-based financing is outdated, especially in the healthcare industry. Healthcare businesses will miss out on the benefits of supply chain financing if they continue to achieve their goals in the traditional way. Nowadays, supply chain financing is the way to go.
Learn more about the benefits of supply chain financing and its methods. Visit Nufin Data for information regarding reverse factoring and invoice financing. With us, you’ll be able to improve workflow and optimise cash flow. Unlock more financing options with Nufin Data.