HSBC and GT Nexus announce digital trade collaboration to manage suppliers and supply chain finance
HSBC and GT Nexus have announced a partnership that they say that will help customers dramatically improve their operational efficiency through the GT Nexus cloud-based supply chain platform.
Under the terms of the deal, HSBC customers in the US can now gain access to a digital commerce platform that helps companies manage complex supply chain processes whilst simultaneously simplifying supplier financing.
Vinay Mendonca, Global Head of Product and Propositions, Global Trade & Receivables Finance at HSBC said: “As the world’s leading trade bank, HSBC is investing in digital innovation to make global trade simpler, safer and more efficient for businesses.
“As well as using our internal capabilities, we collaborate with leading fintechs when we see opportunities to partner with them in order to extend benefits to our customers.
“We, and a number of our customers, identified GT Nexus as a platform that could help our customers improve their financing and logistics capabilities.
“We are already working with a US-based apparel retailer to simplify their global supply chain management process and supplier financing needs using this platform and aim to build on this success for a wider range of businesses.”
Speaking at the annual Bridges event in New York, Kurt Cavano, President of GT Nexus said: “We built GT Nexus around a simple but powerful idea: to put a single cloud-based collaboration platform at the centre of global trade.
“Our partnership with HSBC brings a new dimension to the offering by enabling our clients to request financing across the supply chain process.”
GT Nexus is a provider of cloud business applications. Thousands of companies on the GT Nexus network collectively manage more than $500bn worth of goods each year. Integrating the supply chain financing capabilities provided by HSBC will enable clients to transform the way they pay their suppliers and manage working capital.
Pandora and IBM digitise jewellery supply chain
Pandora has overhauled its global supply chain in partnership with IBM amid an ecommerce sales boom for its hand-finished jewellery.
The company found international success offering customisable charm bracelets and other personalised jewellery though its chain of bricks and mortar retail destinations. But in 2020, as the COVID-19 outbreak forced physical stores to close, Pandora strengthened its omnichannel operations and doubled online sales.
A focus on customer experience included deploying IBM’s Sterling Order Management, increasing supply chain resiliency and safeguarding against disruption across the global value chain.
Pandora leverages IBM Sterling Order Management as the backbone it its omnichannel fulfilment, with Salesforce Commerce Cloud powering its ecommerce. Greater automation across its channels has boosted the jeweller’s sustainability credentials, IBM said, streamlining processes for more efficient delivery. It has also given in-store staff and virtual customer service representatives superior end-to-end visibility to better meet consumer needs.
Jim Cruickshank, VP of Digital Development & Retail Technology, Pandora, said the digital transformation journey has brought “digital and store technology closer together and closer to the customer”, highlighting how important the customer journey remains, even during unprecedented disruption.
"Our mission is about creating a personal experience and we've instituted massive platform changes with IBM Sterling and Salesforce to enable new digital-first capabilities that are much more individualised, localised and connected across channels and markets,” he added.
Pandora’s pivot to digital
The pandemic forced the doors closed at most of Pandora’s 2,700 retail locations. To remain competitive, it pivoted to online retail. Virtual queuing for stores and virtual product trials via augmented reality (AR) technology went someway to emulating the in-store experience and retail theatre that is the brand’s hallmark. Meanwhile digital investments in supply chain efficiency was central to delivering on consumer demand.
“Consumer behaviour has significantly shifted and will continue to evolve with businesses needing to quickly adapt to new preferences and needs,” said Kareem Yusuf, General Manager, AI Applications and Blockchain, IBM. “To address this shift, leading retailers like Pandora rely on innovation to increase their business agility by enabling and scaling sustainable supply chain operations using AI and cloud.”
Yusuf said Pandora’s success was indicative of how to remain competitive by “finding new ways to create differentiated customer experiences that protect their enterprises from disruptions to help mitigate risk and accelerate growth”.