What does the year ahead hold for finance professionals? Based on insight from more than 1 million users around the world, we’ve prepared a list of predictions of the trends for 2013. Topping the list is the rise of e-commerce, as companies increasingly turn to business commerce networks to gain visibility and control over P2P transactions and better manage cash flow.
Here are some other trends we see on the horizon:
• E-invoicing and Open Network Collaboration Continue to Grow
The focus on financial collaboration between buyers and suppliers through e-invoicing and transactions over interoperable business commerce networks is increasing as companies realize their value. Additionally, legislative changes and e-invoicing mandates by governments, improvements in connectivity solutions and market awareness will not only increase the number of organizations adopting e-invoicing, but also the volume of invoices processed.
• The Cloud as a Great Equalizer
Cloud computing is not only becoming more mainstream for businesses of all sizes, as they recognize the value it provides to their organizations, but it will continue to grow in 2013. By conducting financial operations in the cloud, Accounts Payable and Finance departments can be agile and easily respond to changes in economic conditions, regulations or company developments without involving IT resources.
• Increased Analytics for Better Decision Making
Companies are relying more on analytics to uncover financial bottlenecks and opportunities for costs savings, among other areas. Relying on unprecedented levels of visibility over the complete financial value chain, dashboards of key performance indicators (KPIs) and other metrics, and the ability to drill down into root cause analysis, companies can uncover savings opportunities and are more able to make financial decisions that align with corporate strategy. Expect to see analytics play an even greater role in 2013.
• It’s the Year of the App with BYOD – AP professionals will increasingly turn to mobile apps to review, approve and reject invoices and purchase requisitions when they’re out of the office, speeding up processes, and maximizing productivity.
• Companies Can’t Afford to Be Anti-Social – The growth of social media will continue to permeate the corporate environment. Finance departments will increasingly use social media to enable an immediate dialogue between buyers and sellers.
What best practices are you seeing in your finance organization? What trends do you expect for the rest of the year? Please let us know your thoughts – we welcome your feedback!