Micro, small and medium enterprises (MSMEs) are advised to utilize digitized financial tools to boost their efficiency while accessing financing they need to succeed.
Maria Isabel Ridad, founder of fintech platform Monetize, said digitization is not just a buzzword but a necessity.
“It starts with making your data readily available so it is there when you need it. But that’s not all. Automation also comes in to take care of those manual tedious tasks and take them off your plate to reduce errors and costs, minimize your cost from these errors. And then we added a layer of artificial intelligence (AI) to give you actionable business insights,” she told exporters.
Ridad said digitization accelerates business’ decision-making process –financials, revenue streams, expenses, disbursement to suppliers and employees, and unifies systems.
She said the Monetize is engineered with AI that minimizes errors and helps the MSMEs make smarter decisions faster.
“With Monetize, uploading your bank statements –whether manually or automated– the flow of funds is tracked, your disbursements and your collections, the inflow and outflow for your back account and payments to your suppliers, to your team, uploading of financial statement, so you can have immediate overview of where you are,” she added.
Apart from AI-based business advisory, Ridad said the platform has a marketplace for businesses needing to access financing.
She said MSMEs do not need to approach traditional financial institutions and go through a very long application process.
“(So) Monetize is not just about adopting another business tool. It is about embracing a comprehensive future-proof solution especially designed for MSMEs. It is about embarking on a transformative journey to digitize your business, make smarter decisions and ultimately drive sustainable growth,” she added.
Source: PHILEXPORT News and Features
December 27, 2023
