The vast majority of procurement professionals believe that collaborating with suppliers improves business, according to research.
A study of financial, procurement and procure-to-pay professionals working in large businesses, by e-invoicing provider Tradeshift, found that 92 per cent of respondents believe supplier collaboration is essential to driving value in the business.
Some 85 per cent said that their business’ success was tied to that of their suppliers.
The research also highlighted that 44 per cent of respondents would like suppliers to use innovation to improve their business’ competitiveness.
More than half of respondents, 56 per cent, said improving visibility into payments was the most important thing they could do to help suppliers. The same proportion cited making the invoicing process easier as an area for improvement.
The research found that while 76 per cent of businesses had e-invoicing or were planning to implement it, only 19 per cent of respondents said that more than half of suppliers were using it.
Tradeshift said this showed there was an issue with the uptake of technology.
The impact of incorrect data was also highlighted, with half of those surveyed believing that 20 per cent of their vendor master data was incorrect, while 68 per cent thought inaccurate supplier information led to delayed payments.