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.
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.