New Data: Most Companies See Payments Digitization an Important Strategy

Ask companies about digitization, and they’ll say it’s either a “very” or “extremely” important strategy for improving their balance sheet management.

According to our research, these companies — in the sectors of healthcare, finance and insurance, travel and transportation, retail trade and industrial manufacturing, have pinpointed a few areas they find highly important to the improvements.

More than 90% of companies surveyed, including 100% of finance and insurance companies and 96% of healthcare or medical companies, say accounts payable (AP) and accounts receivable (AR) process management is a highly important part of this improvement.

PYMNTS’ data also found that 96% of finance and insurance companies and 88% of healthcare and medical companies reported supervision of their asset investments is highly important for improvements to their balance sheet management.

Meanwhile, 59% of finance and insurance companies and half of the healthcare and medical companies surveyed said the management of their ties to their sources of working capital is highly important to their balance sheet management.

In addition, 50% of CFOs from healthcare or medical companies stressed the importance of improved access to working capital as a key part of balance sheet management.

All of this work towards digitizing the payments process has led to a number of benefits, our research has found.

For example:

• 84% of the CFOs at finance and insurance companies and healthcare companies said digitizing their payment processes strengthened their working capital management.
• 94% of the CFOs at finance and insurance companies and 80% of their counterparts at healthcare/medical firms say digitization improved their data security.
• 83% of CFOs at finance and insurance companies and 58% of CFOs at healthcare and medical companies say that payments process digitization helped improve their firms’ ability to minimize payments fraud.

For more on the benefits of payments digitization for your company, download the PYMNTS new Business Payments Digitization Playbook, done in collaboration with Corcentric.