Payments are foundational in the multi-trillion-dollar B2B industry, and agreements are the framework for these transactions. This October, Bill360 introduced new tools for payment flexibility, offering clients the option to schedule or process payments directly via email, a step toward more streamlined agreement management.
What was once a manual, time-consuming process is now being revolutionized by artificial intelligence (AI) and automation, providing B2B organizations with tools to handle contracts with greater speed and transparency. For example, healthcare providers, with the support of ProviderTrust and Ntracts, now gain real-time visibility into their vendors’ payment eligibility, both at contracting and throughout contract execution.
These advances enable more robust, data-driven relationships beyond the limitations of paper-based agreements. The result? Greater efficiency, agility, and trust in business transactions.
Why Agreement Management Matters in B2B
The volume of agreements in B2B transactions reflects the industry’s complexity. Joint guidance from financial regulators like the FDIC underscores this, outlining multiple compliance requirements for third-party vendor relationships. According to PYMNTS Intelligence, over 34% of companies handle 5,000 or more invoices monthly. Without digital tools, such volumes overwhelm AP/AR departments, creating friction and delays in payments.
Through digital solutions, companies can now manage every aspect of agreements, from compliance and cash flow to automated contract renewals and milestone-based payments, cutting through previous layers of manual oversight. This automation allows companies to track performance metrics, payment schedules, and renewal reminders, eliminating human error and speeding up transaction cycles.
AI and Digital Payments Reshape Business Relationships
AI has taken center stage in B2B contract management, adding efficiency and accuracy to every step in the process. AI systems can now monitor contract terms, analyze data to anticipate renewals and manage compliance checkpoints. In May, Zilliant brought AI into its pricing solutions, showing the potential for machine learning to drive even more powerful contract management.
