InstaSupply is spend control as a service, helping businesses to avoid fraud and control spending. Head of brand and expansion Simona Pop talks to BQ about what the achieved in 2017 and what 2018 has in store.
What does your business do?
"Amazon for B2B" digital marketplace and purchase to pay platform. We empower growing businesses to never overspend and always use capital for growth by tracking all purchase to pay activity and delivering actionable spend intelligence in real time. We are also partners in the Government's Cyber Aware campaign and help protect businesses from financial fraud.
How has 2017 been for you?
Exciting! We've started exploring Blockchain as the next iteration in perfecting and improving the safety, sustainability and efficiency of the purchase to pay process. Whilst many businesses are still reticent or unconvinced by the practical applications of Blockchain, we are investing heavily in research and development to bring the full purchase to pay loop involving private and public ledgers and culminating with cryptocurrency payments.
To test client reactions to conducting purchases within one fully digitised loop, we've tested purchase order flips within our platform whereby an order is placed and instead of an invoice being generated as a separate document in a separate software, the same order is turned into an invoice ready for payment in the same chain.
What was your greatest success?
Our partnership with both the Cyber Aware Campaign and becoming members of Hyperledger
And your greatest challenge?
Educating businesses on both Blockchain and fraud. There is still not enough education/information available in plain - non jargon language.
What do you think 2018 will hold for you?
The mobile app extension to the platform and hopefully a full transaction loop effected on blockchain and paid for with cryptocurrency.
How will you spend Christmas and the New Year?
Taking some time out. As last year I only managed to take 10 days off the entire year, this Christmas I will enjoy some well earned R&R (but will likely still manage to rake up Twitter activity as the startup world never rests).
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