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What We Do
Since 1989, Bottomline has been modernizing global business payments with connected solutions for more than 800,000 financial institutions and businesses in 92 countries.
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Our Company
Manufacturing shop floors are now characterized by the Industrial Internet of Things (IIoT), smart manufacturing, and intelligent automation. Manufacturing Accounts Payable (AP) departments, however, still struggle with serious inefficiencies. See the top five challenges impacting manufacturing organization when paying vendors according to Strategic Treasurer.
Managing and updating vendor bank account details
Timely approval of invoices and payments
Difficulty capturing early payment discounts due to slow approvals
Missing vendor information
Manual workflows and excessive delays caused by legacy payment processes
Read on to see how manufacturing companies are transforming AP to combat these challenges.
75%
of manufacturing CFOs report that optimizing AP processes is their top focus for digitization efforts
50%
of manufacturing organizations plan to invest in AP automation technology over the next year
86%
of manufacturing organizations plan to increase their use of ACH payments over the next year
of manufacturers state that converting from checks to ACH and virtual card payments is their top priority when automating AP
48%
of manufacturing organizations plan to increase their use of virtual card payments over the next year
60% of manufacturers say that time savings and improved productivity are the top drivers of AP process automation at their organizations
55% of finance executives cite improved AP visibility as a top priority and key benefit of automating accounts payable
64% of manufacturing organizations have experienced a payment fraud attempt within the past year, with 14% having suffered more than one loss
Over $275 billion in ACH and virtual card payments are made using Paymode every year, all with zero fraud
58% of Bottomline customers report improved vendor relationships as a result of using Paymode
Organizations save up to $4 per check by converting to digital payments and automating processes
Only 48% of payments are made on-time without automation
But 90% of payments are made on-time even with a modest level of AP automation
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