Businesses around the world face many serious challenges. Not only have organizations had to transition to remote or hybrid workforces, but they have also had to deal with numerous complex supply chain challenges, including staffing, raw materials shortages and steep price increases.
Unfortunately, many industry watchers don’t think these disruptions are transient. Instead, they believe that the disruptions we are currently experiencing are something closer to a “new normal” and will define supply chain strategies for several more years
Of course, efficient supply chains are the lifeblood of every business. When organizations optimize their supply chains, they often look for external bottlenecks and other physical and logistical impediments, such as which suppliers they work with and how goods are transported.
More often than not, they do this while ignoring potential inefficiencies and roadblocks that exist internally. Case in point? Inefficient accounts payable (AP) workflows compound supply chain interruptions, strain vendor relationships, jeopardize operations, and ultimately decrease revenue.