2015 Australia and New Zealand Research
A Deloitte report: B2B Payments: 2015 Australia and New Zealand Research, developed from a survey of 150 Australian and New Zealand organisations, indicates that B2B payments that are shifting to electronic payment mechanisms are typically considered better, faster and cheaper than existing processes.
As banks, card networks and fintechs increasingly work together to bring digital solutions to market to improve making and receiving payments, the findings that card and digital account payments can be at least 70% more cost effective than the traditional purchase order process are compelling. The survey respondents say digital solutions also offer downstream benefits of better data for analytics and reporting (reported by 63% of buying organisations), improved cash flow (73%), and reduced manual work through process automation (74% reported reduced approvals and 68% experienced a reduction in administration).
However despite the fact that digital B2B payments help rid businesses of red tape, many still struggle to cut out paper. With almost half of survey respondents (47%) not using the available solutions and 100% still having paper processes to support cheque payments, there is still considerable opportunity to improve take-up.
The attached report includes both a checklist to ascertain what you are doing now and an 11 point roadmap as to how best to overcome the internal challenges when designing a digital purchasing and payment process.