Transportation Firms to Prioritize Payments Speed and Visibility in 2023

Seventy-one percent of transportation and logistics companies process an average of at least 1,000 payables each month. These high volumes put these companies under enormous pressure. Transportation and logistics companies are meeting the associated challenges by investing in automating their accounts payable platforms.

In “AP Automation: Transportation Companies Innovate To Drive Growth,” a PYMNTS and Routable collaboration, we surveyed 51 executives from transportation, shipping and logistics companies about their plans to automate their payables platforms and how automation can aid the companies’ long-term growth.

Key finding from the study include the following:

• Seventy-two percent of transportation and logistics companies expect their payables volumes to rise by 11% or more in the next three years.

• Eighty-three percent of transportation and logistics companies expect their businesses’ relationships with vendors to improve due to innovation of their payables platforms.

• Twelve percent of transportation and logistics companies difficulties in receiving the necessary approval for invoice payments constrain their operations.

Transportation and logistics companies expect the heady pace of growth their industry has experienced in recent years to continue. This report examines how these companies plan to continue investing in automating and upgrading their AP platforms to better manage this growth.

To learn more, download the study.