Poll results
In our most recent LinkedIn poll, we asked voters how they’d describe their organisation’s priority in relation to supplier payments. This was to get a better idea for what the priorities were for companies and how they deal with their trading partners across the supply chain in the year ahead.
We asked our LinkedIn audience to choose which was most important to their organisation: paying accurately and on-time, more favourable payment terms, removing payment queries or earlier supplier payment.
Supplier payments: what we found
- Of those asked, the most popular option, 75%, said that the most important thing to their organisations is paying accurately and on-time. This enables companies to negotiate better deals. It will also help avoid late-payment interest charges. As well as that, it signals sound financial well-being.
- After that, 25%, said that their priority was earlier supply payment, paying the supplier earlier than the invoice maturity date. An early payment discount is also commonly referred to as a cash discount or prompt payment discount.
- 0% of voters said that their priority was finding more favourable payment terms. Although it received no votes, it is still an important part of supply chain management. It can reduce costs in your business and improve liquidity. It can also allow for negotiable time-lines. For example, you might need more time than your normal 30-day payment terms.
- Similarly, 0% said that they would prioritise removing payment queries. This will simplify your supply chain and allow your teams to re-prioritise their most important objectives. By making the payment process as simple as possible, understanding methods and invoices better, the process will be quicker and simpler.
B2BE’s expertise in automating supply chains allows our clients to grow more efficient in managing their environments, provide greater levels of visibility, and increase profitability.
Do you agree with our results? How have you adapted your supplier payment strategy in 2022? And which aspect of supplier payments is your focus for the next 12 months? Let us know by reaching out on LinkedIn, Twitter or Facebook. And don’t forget to vote in our latest LinkedIn poll – they come out every week, so vote and share your thoughts -we’d love to hear from you.