Executives across the globe are now coming to terms with the short, mid and long-term impacts of COVID-19. Whilst companies and countries across the globe weren’t able to prepare for a crisis of this magnitude, analysing what was learnt during those tumultuous times and looking at what we can take as learnings going forward is the real question.
In challenging times, a reliance on inefficient accounts payable processes such as physical paper and manual processes can cause significant slow downs,and in some situations make it impossible to keep up with normal business processes. But Automation can help minimise disruptions to your financial supply chain and day-to-day business.
Automation does more than just speed up the process – it mitigates risk, helps to support a flexible and remote work environment, offers real-time insight into critical business financial data, guarantees you can take care of your suppliers, and ultimately provides visibility no matter where you are or what’s happening in the world. In times like these, automation equips you with the ability and data to focus on what’s important –minimising supply chain disruptions, and business continuity, and ensuring the safety of your employees and protecting the supply chain.
This report examines actions you can take in regards to your procure-to-pay (P2P) operations to build resilience into your business plan for the future.
You’ll learn what you can do:
TODAY See where you can easily inject automation into your process with low effort and still realise major benefits like joining a business network to receive invoices electronically to enable a remote Accounts Payable (AP) workforce.
TOMORROW to contain costs when cash flow is tight. Forget analysis paralysis instead see how you can automate your AP workflow so your staff can do more with less and how you can make decisions quickly with more data-driven insights.
IN THE FUTURE to harness the power of visibility and transparency to prevent future supply chain disruption impacts, develop a reliable working capital strategy, and ensure sustainable business practices.
Each section of this report details and prioritises recommendations, provides benefits, and discusses how other companies are taking action in these areas. COVID-19 may have been a gut punch, but it wasn’t a knockout.
Read on to strengthen your resilience.