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Rather than managing individual payments, however, Head pointed to the opportunity for automated technology to enable standardized processes that can bring efficiency to the payments process. Further, lump sum payments can be support streamlined operations.
. “The cost of late payment of invoices can run into the millions if a vessel cannot depart due to late arrival of goods or labor forces refusing to board due to nonpayment of invoices,” the director noted, adding that both upstream and downstream payment processes need to be covered. .
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