In the past year, the business world has been scrambled in unpredictable ways. Of businesses with fewer than 1,000 employees surveyed in September 20201, the revenue impact of COVID-19 was:
• 67% experienced a noticeable to significant drop in revenue
• 8% saw a negligible change in revenue
• 24% experienced an increase in revenue
So how can you prepare for what’s next when there’s no way to know what’s around the corner, how long new modes of business will last, or what the resulting economic times will bring?
Digital transformation of finance processes, like how you manage expense reports and vendor invoices, is one area of business operations that can help your business today be better prepared for tomorrow.
“In this current environment, having visibility into critical spending information that impacts cashflow and such as expense reports and vendor invoices can make a difference in terms of survival or how quickly companies can return to a stable position and be better prepared for the future. Top priorities for business financial leaders are leveraging existing resilience capabilities to repair or improve processes, but also investing in areas where new technology is needed to move forward.” – Bryan Ball, research director for Aberdeen’s Supply Chain and Supplier Management research practice
As finance leaders rushed to adapt to the circumstances created by the COVID-19 pandemic, finance digital transformation was accelerated. Now the need for automation in spend management processes has become a strategic priority. Through integrated solutions, it is possible to gain more spend visibility and increase job satisfaction with employees regularly dealing with expense reports and vendor invoices. Business agility has always been important, but now it has become essential to facing the challenges of the current economy.
Download the eBook, Transform Finance Processes in this Economy? Why Now Is the Best Time to Digitalize How You Manage Company Spend to hear from more industry experts and learn why now, in this economy, is the best time to digitalize spend management.