We live in an age of global digital transformation. Organisations must innovate or become obsolete. This is especially true in manufacturing as the vertical continues to move closer to Industry 4.0.
Spending on digital transformation between 2020 and 2023 is projected to reach a huge $6.8 trillion globally with 65% of the world’s GDP being digitised by 2022.
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.
With so much focus on digital transformation, it’s imperative that manufacturers quickly identify how they can optimise their processes and increase growth. A good place to start is moving to a digital B2B payments model.
According to Eurostat research, 97% of enterprises in the EU (including the UK) with more than 10 employees have access to the internet, but 80 percent of these enterprises still send paper invoices.
Transitioning away from paper invoices and manual processes helps manufacturers provide their customers with transparency across all channels and reduce costs. In addition, implementing digital-first processes will help manufacturers compete efficiently on a global scale. To aggressively compete with marketplace giants like Amazon, introducing digital payments and replatforming is imperative.
Digital B2B payments like TreviPay 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 to scale operations and increase sales.
Ready to learn more about TreviPay?