Accelerate Manufacturing Effectiveness with AP Payments as a Service
Manufacturing companies and their executives have experienced a roller coaster ride since the onset of the COVID-19 pandemic in early 2020. Afflicted by supply chain snafus, inflation, labor shortages and ongoing geopolitical conflict, this environment has demanded constant agility.
Many manufacturing enterprises are hopping on the re-shoring trend—bring production back to the United States from overseas—sparking more than $108 billion in manufacturing-related construction activity. As they expand, manufacturing executives are taking advantage of a burst of government incentives designed to ensure that industries related to national security such as electric vehicles and semi-conductors operate in America.
These challenges and opportunities come amid the fourth industrial revolution, which is unprecedented in terms of its velocity, scope and systems impact, according to the World Economic Forum. As this transformation evolves, industries, workflows and processes will be altered beyond recognition.
For manufacturers, this means driving innovation through smart machines and smart factories. Leveraging cloud computing, data analytics, artificial intelligence, machine learning and more, organizations are building a foundation for better decision making, value creation and top and bottom-line growth.
Challenges vs. Opportunities
There’s no doubt that manufactures face both challenges and opportunities. While you can’t control external disruption, you can control how you respond to it. And the way the world has been going recently, it seems like the disruption won’t be stopping any time soon. Moving from a reactive to a proactive stance is what turns a problem into an opportunity. That’s what happens when you employ strategies to drive business results regardless of the external environment.
You’ll want to ensure that your approaches are technologically sound and efficient, utilize technology to handle repetitious tasks so that can benefit from automation. That will position your employees to spend their time on value-added tasks.
There is no other task that could benefit more from this approach than your AP function, as it’s an area where minimal investment can yield significant results. Replacing antiquated, poorly integrated legacy systems that pay suppliers and contractors via paper check scan help you match the technological efficiency you employ on the factory floor within your finance department.
Consider how automating paying the thousands of suppliers you likely have could benefit your AP function, which likely struggles with inefficient processes and payment methods. If you’re like most manufacturing executives, you’re bringing on new suppliers to address supply chain disruptions and upgrade your technology. However, that may only increase the burden on your overwhelmed AP department.
If you see room for improvement here, you’re not alone—60 percent of manufacturers believe AP is the single most inefficient component within their operations. That’s because AP has lagged behind while most other aspects of manufacturing operations have embraced technological advancement.
Download the White Paper on to Learn How to Drive AP Process Improvements in Manufacturing
The white paper, The Payment Revolution: Achieving Better AP for Manufacturing, will show you how to:
- Identify high-impact, minimal cost opportunities for significant process improvements
- Free AP professionals for value-added tasks
- Improve relationships with suppliers using sophisticated electronic payment systems
- Reduce costs associated with AP
- Increase cash flow visibility
- Gain real-time payment insights
- Eliminate manual processes
Join other forward thinking manufacturing executives who have transformed their AP function with technology, benefitting their entire organization and click here to download the whitepaper "The Payment Revolution: Achieving Better AP for Manufacturing" now.