Cherry Hill-based Corcentric, a global leader in procurement and finance solutions, and Stimson Lumber, one of the United States’ oldest integrated wood products companies, recently announced they are joint winners of the 2025 AP Honors Best Technology Partnership Award from Ardent Partners.
The award, which was presented at a ceremony on Sept.16th, celebrates the most successful and impactful collaborations between a solution provider and an Accounts Payable (AP) team on a technology deployment. Corcentric and Stimson Lumber were recognized for their enduring partnership, which began in 2012, and the transformative effect of Corcentric’s AP automation solutions on Stimson Lumber’s financial operations.
Major efficiency and security gains
By leveraging Corcentric’s technology and expertise, Stimson Lumber has dramatically modernized its AP processes, resulting in several measurable improvements:
- Speed: Invoice processing times have been reduced to under three days, leading to faster approvals and payments.
- Digitization: The company achieved a 98% electronic invoice submission rate, which has significantly reduced manual errors and improved overall compliance.
- Electronic Payments: In 2024, 62% of payments were made electronically, enhancing efficiency and boosting satisfaction among suppliers.
- Security: The partnership implemented Corcentric’s StopFraud payment protection service to enhance payment security.
“This award recognizes more than a successful project—it celebrates what’s possible when two organizations share a vision for innovation,” Matt Clark, president and CEO of Corcentric said. “Stimson Lumber has shown how technology can transform finance operations, setting an example for companies across industries.”
Building a foundation for growth
For Stimson Lumber, the partnership represents a strategic investment in smarter, more sustainable operations.
Bernie McNamee, chief financial officer at Stimson Lumber, commented, “Working with Corcentric has allowed us to align technology with our business strategy in a way that truly supports our growth. It’s not just about automating processes—it’s about building a foundation for smarter, more efficient financial operations that will serve us well into the future.”
The award highlights how the strategic adoption of AP automation can deliver substantial efficiencies, proving that a decades-long company like Stimson Lumber can remain at the forefront of financial technology.
