Over the past few years, we have witnessed more and more Fortune 500 companies adapting and leveraging innovative supply chain financing programs to better suit not only their specific needs, but also the needs of their suppliers. The benefits of eInvoicing and automating a company’s Accounts Payable (AP) processes can be seen in 3 prongs: the AP department, the suppliers, and the overall health of a company.
To help visualize the cost savings and accelerated efficiency that eInvoicing can bring, we want to share an infographic below that details the specific benefits by the numbers that a company can gain from a streamlined payables process.
The AP Department
AP teams are often overloaded with phone calls and emails from suppliers asking about the status of their payments, and flooded with paper invoices. With eInvoicing, AP departments maximize efficiency by saving hours from manually updating invoices. Additionally, AP automation results in fewer errors, being less susceptible to human error.
With a world-class automation system, suppliers enjoy better visibility and transparency into their finances and payment statuses. With an quick-and-easy onboarding process, suppliers have access to their finances at all times and are able to receive responses to their inquiries at a faster rate, ultimately forging better buyers and suppliers.
A healthy financial supply chain is crucial for any organization. By streamlining the payables process to allow for faster processing times and payment cycles, companies achieve accelerated corporate growth. Implementing a world-class automation system gives companies the flexibility to find a supply chain financing program that best suits their needs, while also meeting the needs of their suppliers.