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Why your payment process deserves innovation

June 14, 2018
While many companies are slow to adopt innovation in their payables and billing processes, there are compelling business reasons to do so.

Best-in-class organizations are constantly innovating, something that should be taking place in all areas of an organization, including the B2B payment process.

While many companies are slow to adopt innovation in their payables and billing processes, there are compelling business reasons to do so:

  • Speed is necessary when processing payments
  • Outdated processes stand in the way of growth
  • Payment flexibility with virtual cards, checks and ACH require automation
  • Visibility into supplier payments means a more detailed cash management strategy can be designed

Real innovation goes beyond integrated payables to automating receipt of invoices, approvals and processing, but also includes the entire procurement workflow right through to electronic payments. A cloud-based solution is the foundation of this type of innovation. And when C-level executives take a more proactive role in implementing B2B payment innovation, the benefits are more assured and likely to spread across the organization.

Firms that have automated invoice processing see increased visibility into data and consequently, into spend, especially when they also manage 100% of disbursements electronically.

The biggest benefit of capturing your B2B payment data is that it can lead to an increase in working capital especially when you analyze areas like days inventory outstanding, days sales outstanding and, days payable outstanding. Constantly monitoring those three figures will help you discover where improvements can be made, and that is what will free up your working capital.

The insight into your payment data and spend that innovation in your B2B payment process will provide also leads to these benefits:

  • Reduced costs
  • Increased cash flow
  • Accurate payments
  • Real-time access to information
  • Comprehensive view of each transaction
  • Identification of structural inefficiencie

Don't leave B2B payments out when looking at ways to bring innovation into your business or you’ll be missing out on some real gains.

About the Author

Matt Clark | Chief Operating Officer

Matt Clark is the Chief Operating Officer for Corcentric, a procurement and finance company that helps companies reduce expenses and improve working capital by optimizing how they purchase, pay, and get paid. He is responsible for setting and steering Corcentric’s strategic vision, which has experienced record growth since its founding. Matt has been with the company since 2004.

Matt is an adviser and guest lecturer for the University of Maryland’s Entrepreneurship and Innovation Program, and is an active member of Vistage Chief Executive Group, which provides peer-to-peer mentoring for DC area business leaders. He earned his bachelor’s degree from the University of Maryland.

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