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One area where elimination of such processes can be of benefit is treasury management — specifically, reconciliation of transactions and liquidity management. Real-time access to tracking data through distributed ledger technology is critical for time-sensitive materials, such as pharmaceuticals or [foods].
For more than two-fifths of professionals surveyed, their organizations received more than 2,000 invoices every month. More than a third of survey respondents said as much as 40 percent of their supplier invoices involved a dispute, a supplier chasing money or other issues that required manual intervention and interaction.
Transactions must be reconciled, and invoices must be compared to contracts and internal data from emails and other documents. Indeed, in B2B relationships that require frequent payments between partners, those relationships tend to come with complex agreements on costs, fees, payment schedules and more.
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