Problem Statement
Design a simplified invoice upload and submission process for the borrower to the Financial Institute.
Context
We have 3 persona a borrower, client, and financial institute.
These personas are using Supply chain financing method for finance theirrequirements.
Borrower can have agreements with multiple financial institute for the same client.
Borrowers can generate between 3-8 in voices a day.
Invoice can only be submitted to a single financial institute at a time.
Challenge
To design an invoice upload/submit flow that is simplied enough to handle the process of invoice upload, client approval, invoice submission and getting paid by the bank. The proposed solution has to be mobile friendly.
Design Process
Understanding
I used perplexity, google, youtube to understand about SCF. Some other question I had while understanding are:-
WhatarethebenefitsofSCF?}
WhataretheassociatedriskwithSCF±
HowtheborrowersandclientarebenefitingfromtheagreementonSCF±
WhatisEPR?
From all this, I understood that the Invoice lifecycle is happening. Some findings from this are:-
1. Fundamental Concept
Supply chain financing is a financial strategy that aims to optimize cash flow within a supply chain, allowing businesses to access working capital more efficiently.
2. Roles in Supply Chain Financing
Buyer:The entity purchasing goods or services
Supplier:The entity providing goods or services
FinancialInstitution:The third-party entity facilitating financial transactions and providing working capital solutions.
3. Invoice as a Financial Instrument
In supply chain financing, invoices become financial instruments. Suppliers can leverage these invoices to secure early payment, ensuring more predictable and timely cash flow.
4. Borrower's Perspective
A borrower,often a supplier/vendor,can submit invoices generated from transactions with a buyer to a financial institution, unlocking the value of these invoices before the actual payment date.
5. Multiple Financial Institutions
A supplier may have agreements with multiple financial institutions,offering flexibility in choosing where to submit invoices, based on terms and conditions.
6. Invoice Submission Process
The submission of invoices is typically a sequential process, where a supplier selects a specific invoice, initiates the submission to a financial institution, and awaits approval.
Research
Ideation
After understanding and researching thoroughly on the main persona which I am assuming is the borrower (buyer).
Additionally, I want to mention that I assumed the main persona to be the borrower (buyer) based on the problem statement. Therefore, the designs were created with this perspective in mind. If the main persona is actually the Seller(vendor/client), some adjustments may be necessary in the designs.
I started brainstorming some solution for making a simplified way of upload and submission of invoice for the borrower.
Designs
Hope you enjoyed scrolling through this piece of work. I really appreciate you spending a few minutes of the day to see my thought process behind creating this and showcasing its different applications.
