Manufacturing Payment Trends: 2020 vs 2021
Manufacturing Payment Practices: A Slight Improvement of 1.1 Points in 2021
The Comparison
Here's a snapshot of payment practices in the manufacturing sector, comparing 2020 and 2021:
- Companies Surveyed (2020): 196 firms provided data on their payment behaviours.
- Average Payment Score (2020): 49.2 out of a possible 100, reflecting overall payment performance.
- Companies Surveyed (2021): 210 firms participated, representing a 7.1% increase in the sample size.
- Average Payment Score (2021): 50.3 out of 100, indicating a marginal shift in payment behaviour.
What This Means
The manufacturing sector saw a slight uptick in its average payment score, however a change of only 1.1 points is unlikely to signal a significant shift in overall payment culture or efficiency. The increase in sample size in 2021 suggests a wider representation of the sector, yet the minimal improvement in the average score indicates consistent challenges around payment terms. Consider using a late payment calculator to assess the financial impact of delayed payments.
In Summary: Despite a larger sample size (210 vs 196), the average payment score in the manufacturing sector only increased from 49.2 to 50.3 between 2020 and 2021.
