[Manufacturing] Digitization: The final factor
The manufacturing sector is a leading adopter of digital and advanced technology. It’s transforming, not just supply chain and production operations, but also partner ecosystems and business models. Digital technology holds tremendous potential and is likely to be decisive in determining the fate of industrial manufacturing companies for years to come.
Yet, while many manufacturers have been automating their production lines, they haven’t been updating their financial processes and now the need to do so has become critical.
Customers are demanding choice in how they pay and the proliferation of payment options is making cash application more and more difficult. Globalization is adding to the complexity, and growing business volumes are exacerbating the scale of the problem.
Standardization and automation can certainly deliver a competitive advantage, but only when they’re implemented evenly across the organization. Robotic arms on the production line need to be complemented by robotic process automation in invoicing.
This paper explains how accounts receivable automation will enable manufacturing firms to adapt to new business models, improve productivity and compete more effectively. It is the final factor necessary to complete their transformation to digital manufacturing.