Online marketplaces are growing exponentially. The digital shift of the Economy accelerated this.
Authorities are finding it difficult to manage the monthly payable volume. It is already growing at an unprecedented speed.
Many executives believe they can’t handle their growth. As a result, many companies and executives use forecasting to predict growth. This is the case in accounts payable volume.
This is the sole reason for the automation. This risk is too great. So they are looking for automation in this sector to come to its terms.
This magnificent step will provide them with immense flexibility. They will have more transparency at their disposal. In addition, the system will boast an efficient payment system.
These benefits outweigh the risks. Vendors will get many benefits if the executives make these swift changes.
These findings are a part of a report titled “Accounts Payable Automation”. It is a joint project between PYMNTS and Routable.
The findings included a group of 204 executives. The group had executives from large, small, and medium-sized companies. The aim was to analyze the challenges faced by marketplaces.
98% of online marketplaces executives predicted their growth. Furthermore, they expect to grow continuously in the next 3 years.
54% say that they wish to use automated systems. They believe that they are extremely important to managing the payables. The success of their business strategy depends on projected growth.
10% face difficulty. It is difficult for them to pay vendors in their preferred currencies. This is a major problem.
The automation system for payments can solve this problem. It will help not only executives but the whole sector.
Online marketplaces are in a good position. They have the necessary tools to project and receive growth.
The payments Automation system should increase this growth exponentially. This is because the automated system will work hand-in-hand with the vendors and the executives. This is good for growth and trust among both beneficiaries.