Why third-party companies are the first choice of many companies
Businesses in the United States and Canada depend on third-party vendors to deliver many of the critical digital technologies needed to optimize their businesses’ payment operations.
Among these technologies, the most common is the supplier portal, which 92% of the companies in our study said they use, with 35% sourcing the portal from third-party vendors.
And then there are dynamic terms and AI systems. Of the 78% of US and Canadian companies that say they use dynamic terms, 56% say they source systems from third-party vendors. AI systems are slightly rarer, with 44% of US and Canadian companies using at least one AI technology. Again, of these companies, 56% reported using AI systems from third-party vendors.
But that picture could look very different in the next few years, as the use of third-party vendors is likely to play a more central role in expanding companies’ AI and blockchain capabilities in the future: 60% of US companies and Canadians are planning to adopt blockchain. technology over the next five years, but 80% of these companies say they will use technology from third-party vendors.
Of the 51% of companies planning to implement AI technology in the next five years, 70% say they will look to third-party vendors to make it happen.
Midsize companies are more likely to use third-party providers to help them deliver on their five-year innovation plans.
Third-party vendors can help midsize businesses avoid the high costs and long lead times they would typically face if they decided to build their own technologies from scratch, often giving those businesses access to technology and expertise that might otherwise be out of reach.
The PYMNTS study found that 51% of mid-market companies plan to turn to third-party vendors to deliver blockchain and smart contract technologies over the next five years, while 41% of these companies plan to sourcing AI systems from third-party vendors. same period.
Want to learn more about how third-party platforms help businesses innovate and drive sales? To download Accelerate Time to Revenue: Leverage Third-Party Platformsa PYMNTS and MasterCard collaboration.