The majority of finance leaders have revealed to struggle in the process of keeping pace with the speed of ecommerce, according to a report published by Hokodo . B2B ecommerce is currently going through a fast-paced evolution, with the market being set to a total of USD 2.641 trillion in 2024.

Hokodo’s report has revealed that many finance functions and enterprises are not future-proofed. In fact, its pan-industry survey of CFOs and finance leaders revealed that nearly of fifth (17%) of them feel that their finance teams are not prepared for the future. The report was published by the provider of flexible payment terms for European merchants and marketplaces, in collaboration with the B2B Ecommerce Association.

More insights on the Hokodo report The barriers to finance functions being future-proof come down to an overall lack of balance between development and control. Almost half (46%) of those surveyed are currently struggling to strike a balance between financial controls (as the policies used to manage financial resources and ensure accuracy at the same time), and strategic growth strategies. When asked whether ecommerce has made managing financial controls more difficult, the majority (39%) of those surveyed agreed, while only 5% disagreed.

In addition, financial leaders are facing challenges around cash flows and payment terms as well. The report revealed that the top challenges for finance leaders are working capital management and cash flow unpredictability (66%), cutting costs (49%), and managing payments or payment terms (44%). These difficulties are stopping finance leaders from being able to optimise and ensure that their function is future-proof.

According to the survey, other key barriers to innovation are budget constraints (66%), resistance to change (54%), and lack of capacity (37%). The report, titled ‘Hokodo Investigation: Are Finance Leaders ready for the digital transformation of B2B commerce?’, features actionable advice for finance leaders. Its main aim is to ensure all finance leaders are ready to face the future of B2B commerce, providing timely insights and valuable strategies for anyone who navigates this complex landscape.

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