We live in an age of digital transformation. Organizations can innovate, or become obsolete. This is especially true in manufacturing as the vertical continues to move closer to Industry 4.0. Technologies like machine learning, artificial intelligence and the Internet of Things (IoT) are being leveraged by SMB and Enterprise manufacturers alike to build digital-focused business models.
In fact, a recent report found global spending on digital transformation technologies across several industries will reach $6 trillion over the next four years. With so much focus on digital transformation, it’s imperative that manufacturers get on board in order to optimize processes and increase growth.
A good place to start is moving to a digital B2B payments model. Transitioning away from paper invoices and paper checks helps manufacturers provide customers with transparency across all channels, reduces costs and allows manufacturers to compete on a global scale. According to a recent article, 43.8% of invoices are still delivered via fax machine and 72.4% arrive via postal mail. If manufacturers want to aggressively compete with marketplace giants like Amazon, introducing digital payments and replatforming is imperative.
Digital B2B payments like Credit as a Service® support an omni-channel sales strategy as it can easily be integrated into eCommerce platforms, POS systems, legacy ERP, CRM and bank systems. And, manufacturers are able to provide contract pricing by customer down to the SKU level, across geographies with dynamic pricing.
In the news
The fleet (fuel) card market saw continued growth during the past year, but headwinds are forming through fuel efficiencies and increasing alternative vehicle growth.
MSTS had quite the year in 2019, complete with important product developments, several event appearances, and plenty of partnerships formed. With such a successful year coming to an end, we still expect 2020 to be that much better.
OVERLAND PARK, Kansas, November 19, 2019 -- MSTS, a global B2B payment and credit solutions provider, today announced Watson Fuelcards, part of WFL (UK) Limited, the UK land business of World Fuel Services, ha