Tipalti’s Research Reveals Gaps in International Supplier Payment Processes

Study Shows Executives Highly Prioritize Streamlining Payment Operations

Palo Alto, CA, August 8, 2016 – Tipalti, provider of the leading global supplier payments automation platform, has released findings from a survey of finance and business executives that identifies operational trends for supplier payments in 2016. The study, “Global Payments Operational Trends,” conducted by market research firm Gatepoint Research and sponsored by Tipalti, found that 45 percent of respondents spend more than six hours per week making supplier payments. Additionally, according to the survey, another 22 percent of those surveyed spend an excess of four hours a week onboarding new payees.

The survey found that this workload impacts profitability and productivity since supplier payment operations are essentially a cost center. Many finance teams must trade off time spent on more strategic, analytical, and value-added finance activities in order to manage day-to-day supplier payment processes effectively.

Additional findings from the “Global Payments Operational Trends” survey include:

“As companies look to grow and scale their businesses, they will either need to invest more in accounts payable resources/personnel or identify technology to help automate their supplier payment processes,” said Chen Amit, CEO and co-founder of Tipalti. “Finance leaders of both small and large companies need to proactively determine the best approach to handle their increasing volume and complexity of global supplier payments. Consider how the costs related to managing supplier payment operations distract from your ability to focus on more strategic and growth-oriented opportunities.”

The “Global Payments Operational Trends” survey was conducted earlier this year between February and May 2016. Gatepoint polled 100 finance executives: including C-level, vice presidents, director and managers. Participants represented U.S. companies across a range of industries including retail, business services, technology and media sectors with annual revenues between $20 million and over $1.5 billion.

The complete Gatepoint Research study can be accessed here.