Pune, India, September 7, 2023:
Transportation and logistics companies’ payment processes have come under close examination in light of a recent PYMNTS survey. The survey findings have shed light on the substantial hurdles faced by these businesses, such as transparency issues, sluggish manual payment procedures, invoice discrepancies, and payment delays. In response to these critical issues, IBN Technologies, a top-tier outsourcing services provider, offers tailored solutions that effectively tackle these challenges.
Key Findings from the PYMNTS Study:
Visibility and Transparency: According to the study, nearly one in five transportation and logistics companies (18%) grapple with issues related to visibility and transparency in their payment processes. An alarming 5.9% of these businesses consider this challenge to be the most significant problem they encounter in their operations.
Slow Manual Payment Processing: : Another major issue identified is the slow processing of manual payments, affecting 14% of companies in the sector. Among them, 5.9% rank this as their foremost accounts payable (AP) challenge.
Lost or Missing Invoices: For 12% of businesses, the nightmare of lost or missing invoices is a persistent concern.
Delayed Payments: The study also highlights the impact of delayed payments to vendors for products or services that have yet to be delivered, impacting 7.8% of companies.
By addressing the challenges they face in their payment processes, transportation, and logistics businesses can improve their operational efficiency, profitability, and customer satisfaction
IBN Technologies offers robust solutions with its Outsourcing Accounts Payable Services tailored to the unique needs of transportation and logistics businesses. With expertise in optimizing payment processes, recordkeeping, and document management systems, the company ensures meticulous tracking and management of invoices. This effectively eliminates the costly errors associated with lost invoices and seamlessly integrates new vendors into the payment systems.
Ajay Mehta, CEO of IBN Technologies, emphasizes, “Lost invoices and delayed payments can cripple operations in this industry. With IBN Technologies, we aim to eliminate these challenges and empower companies to focus on their core functions.”
IBN Technologies specializes in streamlining payment schedules and ensuring vendors are paid accurately and on time, even for pending deliveries. This fosters stronger vendor relationships and maintains the industry’s smooth flow of goods and services.
Furthermore, IBN Technologies Outsourcing Services provides a third-party AP Automation Solution that significantly reduces the time and effort required for manual payments. Transportation and logistics companies can expedite payments, improving cash flow and operational efficiency.
Ajay Mehta further notes, “Visibility and transparency are crucial for efficient financial operations. We leverage our certified expertise to provide real-time access to financial data, facilitating better decision-making and eliminating the opacity often associated with AP processes.”
About IBN Technologies
IBN Technologies LLC is an outsourcing specialist company with clients in the United States, the United Kingdom, the Middle East, and India. The quality of IBN Tech procedures is guaranteed by ISO 9001:2015, 27001:2022 as well as a CMMI-5 certification. In its more than 24 years of existence, IBN has become a leading IT, KPO, and BPO outsourcing specialized company in the Finance & Accounting, CPAs, Hedge Fund & Other Alternative Investment business, Banking, Travel, Human Resource & Retail Industry sectors.
