The manufacturing sector entered 2022 with a crowded agenda, led by supply chain issues, inflation and sluggish processes rooted in manual rather than automated accounts payable capabilities. According to one manufacturing trade group, 95% of all manufacturers are feeling the squeeze from supply chain bottlenecks. And 84% of a typical AP staffer’s time is wasted on manual processes.
Manufacturers can no longer afford the risks that come with that equation. Bottomline sat down with Paul McMeekin, VP solutions marketing and channel sales enablement for Paymode-X, to better understand the challenges that come with manual and paper-based AP processes, especially for these high-volume industries. McMeekin articulates the details that can make the invoice-to-payment process simple and automated, saving time, money and personnel. He also explains how adopting payment automation can improve efficiencies and lead to early pay discounts, rebates on AP spend and better overall supplier relationships.
The manufacturing sector has basically invented efficiencies gleaned from technology advancement. According to McMeekin it’s time for that history to move from its success in creating and moving goods to moving money.
Related topicsAp Automation
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