One Year After COVID-19, B2B Invoice Tracking and Spend Amounts Continue To Rise as Businesses Re-Emerge from the Pandemic
ALISO VIEJO, Calif., April 14, 2021 /PRNewswire/ -- Transcepta — the leading provider of intelligent eProcurement and accounts payable (AP) automation solutions — today released new data that indicates the economy has largely returned to its pre-pandemic levels and is poised for additional recovery and growth in 2021. The findings are based on data collected from the company's cloud-based procure-to-pay (P2P) platform, which shows an upward trend in invoice volume and spend amounts among businesses since March 2020, when much of the economy was suddenly shut down due to COVID-19.
The Transcepta Economic Indicator suggests the economy has largely returned to its pre-pandemic levels and is poised for additional growth in 2021. The findings are based on data collected from the company’s cloud-based procure-to-pay platform, using machine learning algorithms to highlight economic patterns and important trends in the market. The data shows a sharp decrease in economic activity immediately following the COVID-19 pandemic shutdowns, with a steady increase since and into 2021.
Transcepta's data sets, compiled using machine learning algorithms that crunch large amounts of data and regression analysis, highlight economic patterns and important trends in the market. Over the course of the past year, the data shows a sharp decrease in economic activity immediately following the COVID-19 pandemic shutdowns, with a slow but steady increase in economic activity throughout the remainder of 2020 and a steeper climb in 2021.
Companies that thrived during the pandemic include those that invested in automation technologies.
"The challenges of COVID-19 were felt far and wide, and virtually no organization escaped negative impacts from the pandemic," said Transcepta President and CEO Ray Parsons. "Many companies, however, jumped at the chance to reassess their processes and invest in technologies that kept their businesses afloat and, in some cases, spurred growth despite dire circumstances. Companies that thrived include those that invested in automation technologies, such as digitizing AP and P2P processes in part to help overcome the challenges of the remote work environment."
According to Ardent Partners, 58% of enterprise and financial businesses reported experiencing an extraordinary or significant impact during COVID-19. Despite the fact that businesses in certain sectors such as energy, restaurants, and retail struggled more than others, those that adapted using AP and P2P automation solutions such as the Transcepta Platform fared surprisingly well in 2020 regardless of industry.
"Without Transcepta, our supplier invoices would be arriving at an empty office," said Charlotte Arnold, VP Operational Accounting at The TJX Companies, Inc. "The pandemic has highlighted the acute need for automation and we're so thankful that we invested early. We're saving so much time and keeping our suppliers happy in the process. It's a win-win."
Continuing to differentiate itself in AP automation, Transcepta delivers the best straight-through invoice processing rates in the industry. The company's investments in AI and machine learning help customers automate two- and three-way matching of purchase order (PO)-based invoices, as well as coding and approval of non-PO-based invoices. As a result, customers eliminate invoice exceptions, gain data-driven insight to make better decisions, and optimize cash flow.
"Transcepta was a lifesaver when our offices were closed due to COVID," said Jaime Ryberg, Accounts Payable Manager at Schnuck Markets. "If our suppliers weren't digitally connected to the Transcepta Supplier Network, we would have had no way to access our invoices. Instead, our team was able to handle everything remotely and we didn't miss a beat."
The pandemic accelerated the need for automation, and the companies that invested in the right technologies not only fared better but also gained a competitive advantage because they are now positioned to scale quickly as the economy opens up further and grows faster. In 2021, AP will move from tactical to strategic within organizations; 48% of businesses surveyed by Ardent Partners expressed a desire to capitalize on the advanced data and analytics automation provides for improved operations.