As CFOs aggressively pursue strategic growth for their enterprises, there is an overwhelming need for a digitally enabled finance function that can drive real-time intelligence and collaboration—both within and beyond.
Furthermore, the pandemic and the ensuing economic impact have necessitated that CFOs accelerate their digital finance journey. Accounts payable, with a direct line of sight into the supply chain as well as working capital and compliance, becomes the focal point in this journey.
However, there remains a wide gulf between the desired state and the current state of most accounts payable functions.
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36 percent firms using paper invoicing
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47 percent relying on manual processes for approval
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49 percent payments still being made by checks
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55 percent paper-based suppliers
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Only 19 percent of early payment opportunities captured
As effective working capital management becomes key to surviving and thriving in the new order of business, it’s imperative to drive a digitally connected AP function – enhancing supplier relationships, improving working capital and reducing fraud exposure.
A ‘future-ready accounts payable intelligence hub,’ underpinned by an open and collaborative digital ecosystem, is the way forward. Tradeshift and WNS present a timely and insightful paper, detailing the key elements, efficacy and real-world outcomes of an accounts payable intelligence hub.
