Today In Data

Moving Toward Supplier Onboarding, Done Digitally

Moving Toward Digital Supplier Onboarding

Getting onboard with digital onboarding? The numbers, as shown in the Payables Friction Playbook: Old School Manual Versus Digital Onboarding Edition, give the nod to at least some embrace of automated processes driven by technology. Many firms use a hybrid of digital and manual techniques, according to the research conducted jointly by Corcentric and PYMNTS.

Data:

61.2 percent: Share of firms that electronically review suppliers’ financial performance histories.

69.5 percent: Portion of firms that collect suppliers’ credit information when they onboard those suppliers.

26.3 percent: Share of firms that negotiate terms using both digital and non-digital channels.

72.5 percent: Portion of firms that collect suppliers’ names and addresses.

30.7 percent: Share of firms that gather specifics on partners’ ownership structures.

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