BEYOND AP AUTOMATION: The Role Banks Will Play in Procurement
Today, many businesses realize that lack of automation and visibility in how they purchase goods and services place them at a major disadvantage.
PayStream Advisors recently surveyed managers across various industries about their procurement activities, asking where they’d like to see improvements. Respondents most often cited cost control and supplier negotiations (30%), integration with AP and procurement (21%), and off-contract spend reduction (17%).*
All of these issues can be addressed with automation.
PayStream’s research also indicated that nearly half of organizations surveyed, or 49 percent, have separate Accounts Payable and procurement departments.
Basically, if what you buy is not aligned with how you pay, there will always be costly and complex manual matching of purchase orders and invoices. This leads to delays in payment, inappropriate expenses, inaccuracies and errors, and eroding business relationships.
Again, all of these issues can be alleviated with automation.
How a Bank Can Capitalize on the Need for Procurement Automation
For your business accounts, just the lost money that can be recouped in early payment discounts alone makes enhancements to invoice capture and payment, and procurement, worth exploring.
As a bank that already has an existing relationship with these businesses, adding solutions like invoice automation and procurement automation make real strategic sense.
Ultimately, the trends identified in market research manifesting in action, as a mass migration is underway, are moving away from manual processing and into automated payments technology.
Businesses that cannot drive savings, cash flow and visibility out of their expense management will continue to lose ground.
They’re looking for solutions RIGHT NOW.
Will your institution capitalize on that need, or cede it to a software vendor?
Want to solve more payment problems for your business customers and explore your options? Request a free briefing with one of our Commercial Payments Solutions Specialists.