GUIDES & REPORTS
Addressing top AP challenges in manufacturing
Accounts payable (AP) plays a critical role in supply chain health. An AP department that struggles to get vendor payments out the door on time risk harming supplier relationships and disruptions to production.
On-time payments are especially difficult in manufacturing where approval processes are slow, there are huge volumes of invoices, and matches are complex. AP Automation, like that which Medius provides, minimizes supply chain risk by addressing the top challenges facing finance teams within manufacturing.
What you'll learn in this eBook:
- The top 3 challenges faced by Manufacturers, stemming from their unique business needs and nature of doing business.
- The ways that intelligent technology can is serving the manufacturing industry and allowing them to become more agile in their back-office finances.
- The evolution of how Artificial Intelligence within invoice and payment automation software and how it’s meeting manufacturers where they need it most.
Automation that goes beyond the production line
The market for AP automation is noisy and crowded, and it’s no different in the manufacturing industry.
Manufacturers face margin-busting supply chain pressures like soaring product costs and declining availability. They’re dealing with high volumes of suppliers and headache inducing, complex invoices that slow down business. And they’re unsure what regulatory requirements are going to ask of them next.
What can we do about it?
Look to one of Medius’ success stories in the manufacturing industry:
NIC Global is a leading manufacturer of sheet metal components used across a variety of industries. Their complex invoice process was slowed down considerably by manual steps and an inefficient approval routing process. That all changed, thanks to their selection of Medius as their AP Automation Provider.
"Before, it felt like we were missing something, but Medius gives us piece of mind. We feel confident that we're handling all invoices in a timely manner."
Jason Mayfield, Accounting Director, NIC Global