Ask companies about digitization, and they’ll say it’s either a “very” or “extremely” important strategy for improving their balance sheet management.
According to our research, these companies — in the sectors of healthcare, finance and insurance, travel and transportation, retail trade and industrial manufacturing, have pinpointed a few areas they find highly important to the improvements.
More than 90% of companies surveyed, including 100% of finance and insurance companies and 96% of healthcare or medical companies, say accounts payable (AP) and accounts receivable (AR) process management is a highly important part of this improvement.
PYMNTS’ data also found that 96% of finance and insurance companies and 88% of healthcare and medical companies reported supervision of their asset investments is highly important for improvements to their balance sheet management.
Meanwhile, 59% of finance and insurance companies and half of the healthcare and medical companies surveyed said the management of their ties to their sources of working capital is highly important to their balance sheet management.
In addition, 50% of CFOs from healthcare or medical companies stressed the importance of improved access to working capital as a key part of balance sheet management.
All of this work towards digitizing the payments process has led to a number of benefits, our research has found.