Less friction means more speed
Technology has introduced countless innovations to the business world. It has also accelerated the pace and expectations of buyers and suppliers to send and receive goods more quickly than ever. It stands to reason that where friction decreases, speed increases. It’s a certainty in technology, and it’s now become a given in business.
The speed of business has risen along with the introduction of multi-channel transactions. Whether a customer contacts a business by phone, mobile device, or an electronic invoicing and payment system, a frictionless experience is expected. In some cases, facets of the supply chain that would normally be distinct are merging to offer a more seamless experience for both buyers and suppliers. The recent merger of the UK’s leading retailer with the UK’s leading wholesaler provides a real-world example of how entire organizations within the supply chain are implementing technologies to reduce the friction between the supply and demand.
While it may not be desirable or practical for you to merge facets of your business with other stakeholders in your supply chain, technologies such as e-invoicing and data digitization can make it much easier (and timely) for you to pay and get paid for your services. Countries and jurisdictions all over the world are realizing the benefits of such technological innovations, with some going as far as making e-invoicing mandatory for government procurements.
Just as the computers in your organization get faster every year, the speed of technological change is also accelerating. The benefits of adopting these changes and moving in the same direction sooner, rather than later, far outweigh the friction of standing still.