The great digital shift demands that trucking-transport firms update and modernize their accounts payable processes.
Simply put, the paper-based and manual AP processes that have been stubbornly entrenched in transport and logistics have introduced pain points that are exacerbated with swelling payments volumes.
In the report “AP Automation: Transportation Companies Innovate To Drive Growth,” a collaboration between PYMNTS and Routable, we found that 55% of transportation companies see innovating AP platforms as an important goals.
The benefits of streamlining and improving those processes are readily apparent: 61% of transportation companies with automated AP processes report being highly satisfied with those platforms.
And as for the increasing volumes: 71% of the transport firms tracked say they process an average of at least 1,000 payables each month, and 72% of those businesses expect their payables to rise by 11% or more over the next three years.
There’s also recognition that improving AP functionality can improve relationships up and down supply chains.
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As shown in the chart below, about 25% of transport firms say that the inability to pay vendors in the latter’s preferred methods remains a significant challenge, with nearly 14% stating that that lack of ability remains the most significant payments-related problem. Nearly 12% of the companies surveyed said they had to grapple with an inability to get invoices approved for payments in the first place.
