After experiencing operational modernizations, successful B2B transactions require smooth communication among ecosystem partners.
This is due to the fact that businesses are rapidly creating next-generation payment networks and streamlining their internal systems to overcome prior billing and invoice reconciliation concerns.
According to research, 30% of billing and collections executives are dissatisfied with their organisations’ current bill payments ecosystem, and the majority (68%) expect to incorporate digital-first innovations, such as one-stop-shop solutions, to help address recurring inefficiencies in transactions within the next year.
Every year, Walmart Canada delivers approximately 500,000 cargo to its distribution hubs and retail locations, utilising both the company’s own trucking fleet and third-party carriers. The main issue with this configuration was that data errors continued delaying the invoice and payment process for these freight companies.
The issues, which were typical in the transportation business, routinely resulted in costly reconciliation processes and lengthy payment delays on both sides of the transaction for an estimated 70% of invoices.
Walmart Canada was able to provide a 98.5% reduction in disputes with its transport partners by introducing a blockchain-based invoicing management solution that allowed previously fragmented systems to communicate effectively without the need for human reconciliation.