Payables Friction Playbook: Old School Manual vs. Digital Onboarding
Before the first PO is issued; before the first invoice is received; suppliers needs to go through an onboarding process.
To assess how companies onboard suppliers, PYMNTS, in collaboration with Corcentric, surveyed Accounts Payable (AP) professionals from 1,040 U.S. organizations. The goal: to see why some companies have been quick to digitize supplier onboarding and how these companies can use such innovations to enhance systems in the future.
Some of the findings include:
- On average, 63% of surveyed AP professionals say their department’s basic onboarding functions are performed digitally, to varying degrees
- At least 83% of firms implement digital systems to check suppliers’ credit histories
- On a cautionary note, only 26% of firms investigate whether new suppliers are on international sanctions lists which can turn into a liability when operating globally.
Where does your AP stand when it comes to onboarding suppliers: purely digital; purely manual; or a combination of the two? To see how your organization can benefit from digital onboarding innovation, download the Payables Friction Playbook now!