“Business as usual” may feel like a distant reality. But there are ways organizations can seek and find business continuity during times of global disruption. Read more to read a preview of a Payments Journal article and learn how greater visibility over your procurement and finance operations can help you reach a level of business stability.
Recently, in a Payments Journal article, we discussed the current state of business and how complete visibility into your procurement and finance operations gives your organization the best chance to find success during disruptive time.
In a report by the Harvard Business Review Analytic Services (HBRAS) sponsored by Basware, more than a quarter of business executives said that transparent finance and procurement processes would lead to an 11% to 20% cost reduction.
But most organizations just don’t have the transparency required to combat an ever-changing economy and forecast for the future. In the same HBRAS report, 60% of respondents agreed that a lack of visibility into their suppliers’ practices is a significant risk management issue and as many as 24% admit that, as it currently stands, they’re failing to effectively evaluate supplier business practices.
But, there are ways to achieve greater visibility and therefore safeguard your organization from the pangs of disruption:
Eliminate manual processes
Integrate innovative tools and technologies
Properly analyze your data
To view the whole article, visit PaymentsJournal.com.