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Over the past two years, companies began to challenge their reliance on the legacy systems they were supposedly tied to and wondered how they could improve their daily processes. Research shows a payments landscape where organizations are no longer satisfied with the status quo and are using modernization initiatives to increase efficiency.
Endava’s analysis reveals that while the B2B payments ecosystem has advanced significantly, there is still a long way to go to achieve a modern, touchless process. Many companies still rely on paper-based methods (checks and cash) to pay their suppliers, which can result in delays, fraud, and inconsistent systems of financial record. Fortunately, data shows that companies are willing to address these challenges, and many prioritize digitizing and formalizing their payments processes and improving their usage of analytics.
Access our report and insights here: https://bit.ly/3UKBW4A