What comes to mind when you hear the word “network”?
Do you think about meeting up with others in your industry to exchange business cards and talk shop? Or perhaps reaching out to others via LinkedIn?
These are no doubt useful, but in the world of AP automation there’s an even more important network. In Ardent Partners’ new report “ePayables 2015: Higher Ground,” they define a network as “a web-based platform that enables interconnected buyers and sellers to trade, communicate and collaborate with each other.”
Through such a network, businesses are granted greater visibility into their entire supply chain. They are able to collaborate with suppliers and procurement to build trust and leverage data as well as discounts.
But of what use would a network be if both parties didn’t benefit?
Through AvidXchange’s Network, your vendors can submit invoices in a variety of convenient ways. All relevant invoice data is extracted and input into your accounting system and AvidXchange’s invoice automation software for you. The same vendors that are submitting their invoices into our network can then also be paid through our network. We have a full-service payment network that maintains your vendors’ payment data for you, and identifies their accepted payment type.
In the “ePayables 2015: Higher Ground” report, Ardent Partners found that 38 percent of best-in-class companies used a business or payment network, compared to only 30 percent of all others.
Ardent Partners agrees, stating that “Business networks, in concert with cloud technology, could lead the charge towards a new era of enterprise technology centered on connecting businesses to each other and enabling easier and more efficient communication and interaction across entire supply chains.”