By Joseph J. Richardson
Senior Vice President
Operations and Administration
CIT Commercial Services
It’s no secret: The process of replacing standard business transactions with electronic exchange of information will continue to grow and broaden over time. The key to capitalizing on this change is to reap the benefits of this remarkable transition while minimizing any attending costs and risks.
Both manufacturers and retailers have invested a great deal of time and money in technology to streamline everything from placing purchase orders and exchanging invoice information to confirming shipment delivery and capturing payment information. As can be expected, the largest manufacturers and retailers have made the largest investments. Small and medium-sized players are following quickly behind due to the emergence of internet-based technologies.
