DIGITAL ONBOARDING

“ This can increase a supplier ’ s ordertaking efficiency , reduce mistakes and delays in fulfilling orders and allow the supplier an option for invoicing the buyer electronically . Plus , they open themselves up to potential new buyers and increase sales .”

Small and medium-sized businesses are increasing their investments in digital purchasing transformation , with a

increase expected between 2024 and 2027

( 5th edition , PwC ’ s Global Digital Procurement Survey )

Improving efficiency and reducing risks Digital onboarding greatly enhances efficiency by streamlining processes and reducing the time needed for new suppliers to integrate . It minimises human error by automating repetitive tasks , such as data entry and document verification , which are prone to mistakes when done manually .

Scott adds that digital onboarding significantly alleviates pressures on back office teams by minimising time spent on manual processes and reallocating resources to focus on more strategic initiatives .

“ Suppliers that go through digital onboarding processes are also likely to participate in electronic invoicing and digital payments , which further alleviates pressures on back office teams ,” Scott adds .

“ It also supports further business efficiencies and provides several benefits to finance teams , including increased

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