10 Ways to Eliminate Friction
Did you know that businesses lose over $2M annually due to inefficient processes, $1.4M due to poor system integration, and $1.2M due to flawed payment systems?
At WEX, we’ve identified key ways to remove FRICTION and possibly save your company millions of dollars.
We get it – running a business can be unpredictable. In this report, our experts share how to spot critical issues that may unknowingly cause FRICTION and lead to inefficiency.
WEX Industry Trends Report
Our survey of business leaders examines the top challenges and headwinds businesses face, revealing a stark disconnect between C-suite and senior managers, on the cause and implication of business inefficiencies. Download our survey report to understand how friction points within internal processes and systems are having a negative impact on company performance.
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WEX Business Insights
“We are a services company. One of our biggest challenges is the inefficiency of coordination between departments. Work often ends up getting repeated because of poor coordination. Another recent challenge is that some clients have become slow to pay us.”
- Survey respondent
Highlights from this free report
The CEO blind spot
C-suite and senior managers don’t see eye-to-eye on the threat of business inefficiencies. A majority of VPs and senior executives (61%) say inefficient processes, systems, or procedures are a major to moderate business challenge, compared to less than half of C-Suite level executives (42%).
The toll of inefficiency on employees. A majority of respondents who report employee engagement and retention as a challenge (73%) believe that outdated technology is a contributor to poor employee engagement and retention.
Outdated billing and payment systems are impacting the bottom line and damaging customer relations. 69% of VP-Senior Executives believe that outdated billing and payments systems pose a challenge to their business. An overwhelming majority of senior managers report spending money (76%) and time (80%) on issues with payment and billing.
Cost of inefficiency
Millions wasted. Overall, leaders estimate they waste $2.1 million a year dealing with inefficient processes.
WEX simplifies the business of running a business by providing specialized solutions that reduce the burden of managing employee benefits, streamlining how you pay and get paid by suppliers, and modernizing how you manage your fleet. Set your business free by stripping away the complexities that hold it back.