PayStream Advisors, the accounts payable research and consulting firm, just released a major report on procurement in the manufacturing industry. The report, 2015 Source-to-Settle for Manufacturing Report: Exploring the Value of Source-to-Settle Automation for the Manufacturing Industry, examines some of the unique challenges facing procurement teams in this space, including:
- Supplier Management
- Order Management
- Invoice Management
- Brand value
According to Paystream, legacy technology is one of the biggest challenges for these companies, and the risks associated with making any changes can prevent adoption of new and better ways to operate:
“In terms of automation adoption, some industry experts believe that a heavy reliance upon legacy systems in the manufacturing industry leads more organizations towards integration and augmentation, as opposed to total replacement.”
To learn more about procurement and source-to-settle issues in the manufacturing space, read the full report here.
Don’t hesitate to share your S2S automation best practices in the comments below.