45% of Transportation and Logistics Planning Is for AP Automation

Transportation and logistics firms with soaring payables are embracing the automation trend.

This is according to the new study “AP Automation: Transportation Companies Innovate To Drive Growth,” a PYMNTS and Routable collaboration, based on a survey of executives from transportation, shipping and logistics companies.

According to the study, “45% of transportation and logistics companies have decided to innovate their AP platforms over the next three years, and 3.9% have already begun the innovation process.” We found that a cumulative 32% will begin in the next 12 months.

“CFOs at transportation and logistics companies anticipate a host of benefits as they begin to evaluate and implement new AP solutions,” the study found, with 83% saying AP innovations will improve vendor relationships and 78% saying payments will be completed much faster. “In addition, 65% expect visibility and transparency of payments to be enhanced.”

Get the study: AP Automation: Transportation Companies Innovate To Drive Growth

Per the study, “companies in this market generally agree that they need to respond to the challenges raised by inefficient or insufficient AP automation, but they differ in the importance placed on addressing these challenges,” as 67% of businesses that face issues with the visibility and transparency of payments think addressing this problem is an urgent priority.

Conversely, 33% of respondents said AP automation it is important “but not as important as other issues. These companies believe that to succeed, they must resolve any lingering inefficiencies in their AP platforms.”

Get the free report: AP Automation: Transportation Companies Innovate To Drive Growth