The future landscape of business is made foggy by economic uncertainty paired with ever-increasing consumer scepticism. More and more, customers want transparency into what they’re purchasing, manufacturing processes, and the ethical and environmental repercussions of their transactions. Equally, organizations want a similar transparency into their own business processes to improve employee engagement, brand reputation, operational efficiency and cost savings.
Building business transparency is a crucial part in increasing consumer trust, keeping up with the pace of business, and economic changes. According to a survey of nearly 800 global executives conducted by Harvard Business Review Analytic Services (HBRAS), respondents cited 3 crucial barriers standing in the way of achieving a more visible finance and procurement, and greater transparency throughout their organisation:
- Technical transparency
- Organizational transparency
- Cultural transparency
Highlights from the 2020 HBRAS study, “Using Transparency to Enhance Reputation and Manage Business Risk” include:
- 90% of executives say increased business transparency leads to better-informed decision-making across the entire organization,
- 55% say ethical and commercial considerations are equally important when evaluating suppliers,
- And 26% say transparent finance and procurement processes would lead to an 11% to 20% cost reduction.
Most importantly, the survey report revealed that professionals who have already invested in improving visibility across finance and procurement are reaping the benefits of greater employee engagement, improved reputation, and increased revenue growth.
Given these numbers, it’s time for company leaders to approach business processes from a more holistic perspective.
Learn what total transparency can do for your business.
