While buyers and suppliers have differing B2B payments pain points, both could benefit from platforms that improve payments transparency. Forty-seven percent of surveyed small- to medium-sized business (SMB) suppliers listed a lack of transparency when payments are received as a top pain point, while 45% of payors pointed to manual reviews holding up the process.
At the same time, 44% of suppliers cited problems with the invoice approval process and 39% said they have had problems with a lack of systems integration. These are exactly the types of problems that can be solved with improvements to enterprise resource planning (ERP) systems and greater integration and automation of back-office processes.
Particularly for SMBs, stepping up to the next level of B2B payments is essential for staying competitive in a global economy. Payments digitization can improve the speed and convenience of making and receiving payments while also making those transactions more predictable and secure. In addition, using the same system for both domestic and international payments can simplify cash flow tracking and management.
At the same time, companies that have yet to automate payments often underestimate the benefits of greater transparency. While 32% of surveyed Software-as-a-Service (SaaS) firms that do not yet use enhanced automation in payments anticipate transparency benefits, 49% that are managing non-payroll spending with enhanced automation listed transparency as a top benefit.
On the other hand, ERP automation can be easier said than done. More than half of surveyed retailers have had significant problems in finding reliable ERP systems and getting them set up. 
On average, respondents experienced delays greater than six months when making major improvements to back-office software, despite many projects already scheduled to take months or years to complete on time. These projects also commonly cost 34% more than initial estimates. It is essential that companies thoroughly understand what they are getting into before starting major ERP system improvements.
Not all ERP systems are created equal. While 86% of surveyed executives said they turn to their ERP systems when looking for real-time data, only 23% are able to get it from their existing software. Ninety-nine percent of respondents said their ERP systems regularly do not have the information they need to make decisions.
While some users opt to build out additional functionality over time, this is a suboptimal solution. Companies upgrading or implementing new ERP systems need to find software that meets both their current and future needs, with functionality tailored to their industries and sectors. An ERP system should help decision-makers act on the fly, quickly responding and adapting to both challenges and opportunities.