Payables Friction Playbook: Old School Manual vs. Digital Onboarding
Learn why some companies have been quick to digitize supplier onboarding and how they can use such innovations to enhance systems in the future.
What the white paper covers:
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!