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.
Now, more than ever, it’s crucial that manufacturers focus their efforts on digital transformation in order to scale operations and increase sales. Ready to learn more? Request a demo now.