Launched in 2018 by Wesley Sessenwein, Jenn Hunter, and Johan Lee, Calgary’s PayShepherd wants to become the “system of record” for financial transactions between industrial facilities and contractors.
Working as a billing management and contract assurance platform, the company’s solution sits between facilities and the contracted workforce to identify billing issues, increase visibility and accountability into operations, and increase speed.
Calgary.tech sat down with Jenn Hunter, co-founder of PayShepherd, to learn about heavy industries’ biggest problem in contractor management, and how she is leading the company to solve it.
Tell us about your experience in the heavy industrial market.
JH: My professional journey spans over a decade in which I focused on fostering enriched understanding of project finance intricacies and the dynamics of maintaining robust client relationships across various vendor organizations.
My career started in the realm of online education, dedicated to supporting the workforce. Interacting with skill trades people to access certifications crucial for site operations was at the core of my role, navigating their challenges with device and system applications, all aimed at ensuring an optimal user experience. I then transitioned into a rapidly growing vendor organization within the oil and gas sector where my role encompassed overseeing project services for our pipe, steel, as well as vessel fabrication and installation projects.
Being part of this high-growth organization gave me first-hand experience in seeing the impressive impact a collective team can have on value creation, ranging from scaling teams, processes, and systems to increasing sophistication and service offerings to become a leader in the space.
This depth of experience and empathy contributes to PayShepherd’s standing as a leader in industrial operations and facility management, not just in delivering exceptional products but in offering unparalleled support tailored to the individual needs of our users.
What are the biggest challenges in the heavy industrial market?
JH: Today’s industrial market is facing multifaceted challenges, driving the demand for proactive solutions. The compounding pressure from macroeconomic issues intensifies businesses’ meticulous approach to financial management. The imperative for strategic fiscal decisions, heightened cost-effectiveness, and unwavering adaptability becomes paramount to ensure the sustained viability of businesses navigating within the confines of tight profit margins.
The simultaneous challenge of a shrinking skilled trade workforce adds complexity to the operational landscape. As operators strive to maintain efficiency and productivity, they must address workforce shortages by implementing strategies like adopting technology solutions and applying an intentional focus on vendor relationship management that fits within their operational imperative.
How has technology been integrated to address industrial facilities’ major obstacles?
JH: Technological integration is a long standing pillar addressing organizational sustainability. Automation, robotics, and cutting-edge sensor technologies emerge as pivotal tools to augment operational efficiency. Furthermore, the facilitation of remote monitoring and management not only streamlines processes but also enhances the adaptability of industrial facilities.
As the industrial landscape evolves, the adoption of technology, coupled with a strategic emphasis on vendor relationship management, is key to navigating these issues. Operators find themselves not merely reacting but proactively shaping the future of their enterprises by integrating innovation into the very fabric of their business processes. This progression toward a more technologically attuned and strategically managed industrial environment is pivotal for resilience and sustained success in an ever-evolving marketplace.
What more can be done to save time and costs in the industry?
JH: The integration of artificial intelligence into business strategies will lead to transformative possibilities. AI serves as a catalyst, paving the way for unparalleled opportunities to optimize business processes and propel data-driven decision-making into a new dimension of efficiency and precision.
Through intelligent automation, mundane and repetitive tasks are seamlessly delegated to algorithms, freeing human resources to focus on strategic, value-added initiatives. This not only streamlines operational workflows but also ensures a level of consistency and accuracy that is ingesting vast volumes of data and discerning patterns that may elude human observation. AI empowers individuals to make informed, strategic choices acting as a compass, navigating the seas of data to chart a course towards actionable insights.
PayShepherd’s recent funding announcement shows the need for its software-based solution. How will this funding impact and help everyday contractors?
JH: Fuelled by recent funding, PayShepherd’s fintech solution is set to revolutionize how contractors navigate the financial aspects of their projects. The integration of this solution places contractors in the driver’s seat for invoice payment, liberating them from the constraints of waiting on net terms.
Certainty and promptness become the new norms, instilling a heightened sense of confidence in financial transactions, and ultimately bolstering the financial health of contractors within the community.
The platform becomes a facilitator for meaningful and sustained connections, fostering a collaborative ecosystem where trust and transparency are paramount. The enriched engagement experience ensures that contractors not only meet but exceed client expectations for compliance, creating a foundation for enduring partnerships and repeated collaborations.
What can people look forward to with PayShepherd in 2024?
JH: PayShepherd is poised for significant growth and innovation in 2024. Our strategic focus involves expanding our customer base across North America, with a specific emphasis on the mining and oil & gas sectors. This expansion aligns with our commitment to providing solutions to diverse industrial needs, fostering deeper connections within these vital industries.
A key milestone for the year involves the integration of artificial intelligence (AI) into the PayShepherd product and functions. This move represents a commitment to cutting-edge technology, aiming to enhance user experiences, streamline processes, and unlock new dimensions of efficiency. AI can play a pivotal role in optimizing various aspects of our platform, offering users advanced capabilities for data analysis, automation, and decision-making.
PayShepherd is dedicated to targeted recruitment efforts, aiming to onboard top talent that aligns with our values and vision. This approach ensures that our team remains dynamic, skilled, and adaptable, ready to tackle the evolving challenges of the heavy industrial market.
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