MINNEAPOLIS--(BUSINESS WIRE)--Although organizations must connect suppliers and customers around the globe, managing worldwide supply chains can cause cost increases and operational challenges, according to the Aberdeen Group’s latest research sponsored by Syncada from Visa. The research, “2012 Best Practices for Closing the Loop on Multi-national Transportation Procure to Pay”, identifies best-in-class behaviors that enable the top 20% of performers to reduce invoice cost, yet process and pay faster than competitors.
“Aberdeen recently surveyed 191 Chief Supply Chain Officers and found that more than 85% of companies have shipments crossing country borders. Transportation procure-to-pay solutions must support multilingual, multicurrency freight, as well as facilitate banking interactions across broad global geographies,” shared Bob Heaney, Senior Research Analyst, Supply Chain Management, Aberdeen Group. “Best-in-class companies are two times as likely to have robust capabilities in these areas today. The results can be impressive; the Best-in-Class are (1) saving $1.70 and $8.46 per invoice versus Industry Average and Laggards, respectively, and, (2) processing and paying a freight invoice in 7 days, or 3 to 9 days more quickly,” concluded Mr. Heaney.
As the study shows, leading enterprises automate data collection and optimize transportation spend at a much higher rate. These companies leverage technology to ensure carrier contract compliance at 85.6%, measure service-level and routing compliance at 84.9%, process and pay invoices in 6.1 days, and audit 76.4% of their invoices.
“Supply chain management constantly evolves, but the leaders in the industry embrace business intelligence,” stated Kurt Schneiber, Chief Executive Officer, Syncada. “Integrating technology is the first step, and great tools help organizations apply new techniques and best practices to strengthen their supply chains.”
Click here to download the brief.
Syncada from Visa provides a business-to-business network for financial institutions to enable clients to increase control over their financial supply chains, regardless of language or currency. Financial institutions use Syncada to deliver standardized invoice processing and payment with integrated financing to their corporate and government clients. Syncada processes invoices for hundreds of buyers and makes payments to tens of thousands of suppliers in 47 countries. In 2011, Syncada processed more than USD $21 billion in payments and millions of invoices and trade documents. Visit www.syncada.com for more information.
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