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85 percent of suppliers are optimistic about the year ahead says Taulia

Supplier Optimism

Despite global uncertainty, supply chain disruption and geopolitical tensions, suppliers are feeling optimistic about the year ahead, according to Taulia’s newly released Supplier Survey 2023/24.

The leading provider of working capital solutions, which is a part of SAP, conducted the survey of 11,968 respondents from 132 countries to uncover supplier behaviours. 

Encouragingly, 85 percent of those surveyed said they feel optimistic about the year ahead (up from 60 percent in 2022) with 48 percent specifically focused on growth.

However, inflation is still a top concern for 50 percent of participants with others citing interest rates (32 percent), supply chain disruption (22 percent) and geopolitical challenges (20 percent).

The survey reveals that late payments are once again on the rise with 51 percent of respondents saying they are paid late by their customers, which includes over a fifth of suppliers receiving payments more than 30 days late.

Between 2016 and 2019, previous supplier surveys showed that late payments were gradually reducing, but the data reveals this has reversed over the past couple of years.

The portion of suppliers receiving payment either early or on time has fallen from 56 percent in 2021 to 44 percent in 2023.

This has led to 25 percent of suppliers stating they are interested in taking early payments every time, for every customer while 61 percent are interested in taking early payments at least some of the time.

Suppliers claim the business challenges solved with early payments include cash flow gap (52 percent), working capital (31 percent) and payment predictability (27 percent).

Commenting on the responses from participating suppliers, Cedric Bru, CEO Taulia said, “Their responses were telling. While inflation may have subsided in recent months, half of the businesses we surveyed identified it as a top concern for the coming year. But almost as many suppliers were focusing on growth, and the majority are facing the coming year with a sense of optimism.

“With business optimism being on the rise across geographies, industries and business sizes, there is perhaps a developing hope that the threat of recession is now behind us and that we can look forward to business growth across the globe.“ 

To learn more, download the full report here.

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