Automation to gain visibility is in the future for many as about six in 10 expect to increase their investment in automating and digitizing data collection
ESPOO, Finland, Nov. 9, 2021 — Basware (Nasdaq: BAS1V) today releases a research report entitled Visible Commerce: Overcoming Operational Blind Spots, which reveals that companies have an abundance of data available to them, yet poor visibility into what it means. This results in "blind spots," particularly when it comes to suppliers and regulators on a global scale. Specifically, more than a third of respondents say they lack the data capabilities needed to expand their supplier ecosystem with confidence. A similar number – 34% – can’t ensure global regulatory compliance with worldwide invoicing mandates. The report was based on the responses of 400 finance and procurement professionals around the world regarding financial compliance and supplier management.
Limited line of sight with suppliers
Beyond the lack of data capabilities to expand their supplier base with confidence, finance and procurement professionals also state that they struggle to prove that their supply chain meets the full range of standards for compliance, to the tune of 51%. Respondents recognize their shortcomings, but they don’t have the right tools – and many lack the desire to invest in the right technology – to help them successfully manage supply chain risk. More than a third say they are unsatisfied with their data capabilities for supplier selection and onboarding, with regards to compliance. Signaling a weak desire for change, continuous monitoring of supplier information is the lowest on the list of planned investments in the next three years, with 45% planning an increase.
Government regulations are risk factors
When asked which compliance and supplier risk issues are driving a need for better visibility of finance and procurement data, respondents rank accounting complexity due to multijurisdictional compliance requirements and increased reporting requirements to governments/regulators as two of the top three risks, with 57% for each. These points underscore that the growing e-Invoicing mandates sweeping across the world are indeed causing complexity and concern in the finance and procurement fields.
Many are ready to ramp up automation
To improve visibility and management of their data, and subsequently remove the “blind spots,” companies are planning to take action. The research finds that automation is seen as the answer to improving data visibility, and companies are investing heavily. About six in 10 expect to increase their investment in automating and digitizing data collection, and 57% plan to spend more on continuous automation for touchless data processing. Additionally, many will soon leverage the power of intelligent technologies as more than half of respondents want to invest money into artificial intelligence/machine learning to support data-based decision-making.
More insights from finance and procurement professionals regarding financial compliance and supplier risk management are available in Visible Commerce: Overcoming Operational Blind Spots.
Basware is the only procure-to-pay and e-invoicing solution provider that empowers businesses with 100% spend visibility through 100% supplier connectivity and 100% data capture. Our cloud-based technology enables organizations to fully manage their spend, mitigate financial risk and reduce the cost of operations via automation. With the world’s largest open business network and an open technology ecosystem, we are uniquely positioned to deliver the solution required for Visible Commerce, which provides customers with complete transparency into all the flows of money, goods, and services around the world. A global company, Basware has offices in 14 countries and is traded on the Helsinki exchange (BAS1V: HE).