Manufacturers are not immune to the need for digital transformation.
In fact, manufacturers that fail to evolve and innovate their digital strategies could quickly find themselves obsolete.
A recent report found that global spending on digital transformation technologies across industries will reach $6 trillion over the next four years. Given the global push for innovation, manufacturers must shift their focus to process optimization and growth strategies. As the industry moves forward, leveraging technologies like machine learning, artificial intelligence and the Internet of Things (IoT) will be necessary to successfully adapt to the needs of the marketplace and capture new business.
In addition to digital transformation, changes are happening within the buyer-seller relationship. Increasingly, manufacturers are migrating to direct-to-customer models to keep pace with buyer expectations in the B2C sector, eliminating distributors and other middlemen who restrict the flow of powerful end-customer data. And without the technologies and data to support this influx of customers and an increasing need to scale, this new model could fail.
Support Digital Transformation With Digital Order-To-Cash Solutions
Archaic payment processes do little to provide manufacturers with the data visibility necessary to support a direct-to-customer model. By transitioning away from such outdated methods with a digital order-to-cash solution, manufacturers can offer customers transparency across all channels, reduce costs and obtain the data necessary to successfully compete on a global scale.
Beyond data silos, however, inefficient order-to-cash processes delay onboarding, sales and ultimately tie up working capital. Outdated payments technologies make it difficult for A/R teams to meet buyer needs, like fixing invoice errors and handling specific buyer requests. When AR teams are unable to complete these tasks using the data on hand, they lean on the sales team for support: 63% of salespeople’s time is spent on activities other than selling, meaning other tasks are preventing them from performing the critical work of bringing in new business.
Additionally, nearly half of all B2B buyers say it takes nearly three days for their vendor to onboard them before they can make a purchase. This delayed onboarding combined with payment inefficiencies further decelerates the order-to-cash process, leading to tied up working capital and disappointed customers.
Automate the Tasks Delaying Efficient Payment Processes With TreviPay
As an order-to-cash solution for manufacturers, TreviPay (TreviPay) enables digital transformation by supplying credit management, accounts receivable and business intelligence support. Through API-first technology and automation, these processes help eliminate the pain points of digital transformation, while increasing working capital, reducing credit risk and boosting DSO.
TreviPay is the most innovative solution on the market for assisting manufacturers on their journey to the digital age. Manufacturers can support the needs of both buyers and their growth strategies with the following features:
- Alternative Payment Options — Meet the evolving expectations of today’s B2B buyers by offering alternative payment options. TreviPay supports methods beyond paper invoice and credit cards like digital invoicing at checkout with fast, automated credit decisioning. TreviPay also enables purchase controls and dynamic pricing negotiated for each customer, supported by API integrations that work with a variety of POS, ERP and other business systems. Providing innovative and consistent payment options across all channels will boost loyalty, attract new customers and encourage repeat purchases.
- Upgraded Onboarding — The faster you onboard customers, the sooner you have cash in hand. TreviPay creates an innovative onboarding experience with a digital solution that supports purchase controls, handles underwriting, protects against fraud and eliminates clunky paper invoices. Our white-labeled service approves buyers for credit lines up to $250,000 in under 30 seconds — and TreviPay extends credit on your behalf, assuming the risk and freeing up working capital. With onboarding supported by smart technology, you also have more data at your disposal. This greater visibility into buyer behavior empowers the sales team to make more strategic decisions when it comes to capturing new business.
- Outsourced AR Support — Our solution automatically tracks down payments and matches transactions to outstanding invoices for your AR team. Upon credit approval, account setup is instant, with easy integrations for ERP, CRM and other business systems. TreviPay also takes the guesswork out of credit line management by providing a customizable credit scorecard for your clients, and insight into when and how much to adjust customers’ credit lines. With manual A/R tasks outsourced to TreviPay, you’re free to focus time and resources on growing business and scaling for new customers.
It’s never been easier to meet buyer expectations and elevate the purchasing experience. TreviPay is the answer to manufacturing’s digital transformation woes — supporting alternative payment options, the AR team and the customer onboarding experience. The white-labeled service makes the transition into modernity simple for both buyers and sellers, while providing insight into transactions and purchasing activity for continued innovation.
Now, more than ever, it’s crucial to focus on digital transformation to scale operations and increase sales. The best place to start? Your B2B payments experience.
Ready to learn more? Request a demo now.