How can innovative technology bring an end to the global late payment epidemic?
eInvoicing is on the rise and rightly so – with a significant increase in business efficiencies and clear payment transactions across the supply chain, the software solution creates the opportunity to access a wide range of data analytics which will benefit numerous departments within a business.
Utilising digital technology in the construction sector
In the construction industry there are two critical areas within the business regarding late payments— vendor relationships and job progress. These defining factors are what Open ECX strives to overcome using intelligent payment automation making sure every business in the UK can leverage from everyday payments made.
It starts with eliminating paper checks, but it doesn’t end there. Many construction businesses have yet to transition into the intelligent automated payment process that enables the user to make every single payment with one interface and workflow speeding up processes, reducing human error and ultimately resulting in higher productivity, employee-employer relationship and credibility levels.
Positioning yourself for the future economy of late payments
The future looks bright for many in the construction sector as more business payments become automated and feed into the cloud.
According to The Federation of SMEs, the estimated late payments contribute to 50,000 insolvencies annually, costing the economy £2.5bn. Typically in the construction industry a long supply chain can hold up a large amount of payments— account payable departments have to match invoices against purchase orders and receipts, code this information and then record in it the businesses system.
Digitalise for strong growth and credibility
Open ECX strongly believes a shift in the way payments are handled is needed. Adopting automated practices can provide a business with extensive saving in profits and a highly reduced expenditure.
eInvoicing is one of the safest and efficient ways to combat late payment and improve traceability and transparency. But most of all, this process allows for relationships to strengthen across the supply chain, resulting in a happier and healthier industry.