Procure-to-pay digitization: It’s a question of “how”, not “if”.
While most mid-market organizations survived the sudden shift to remote work, the “work from anywhere, work from everywhere” era is here to stay. In fact, a recent Gartner CFO survey revealed 74% plan to permanently shift employees to remote work after the Covid-19 crisis ends. This represents a massive shift that goes beyond “survival” mode.
Procurement, accounts payable and finance teams will need to adapt and digitize, especially as their organization grows. But for small and mid-sized organizations with limited budgets and tech expertise, digital transformation can seem scary. The truth: it’s easier than it sounds. The key is digitizing incrementally, with a focus on the areas that will reap immediate returns. Start by enabling your workforce and automating day-to-day accounts payable processes.
“The question now facing many organizations is not how to manage a remote workforce, but how to manage a more complex, hybrid workforce,” said Elisabeth Joyce, vice president of advisory in the Gartner HR practice. “While remote work isn’t new, the degree of remote work moving forward will change how people work together to get their job done.”
Enabling your team to work from anywhere and everywhere is one of the first steps in a successful digital transformation initiative. In today’s workforce, we see employees from the same company working in different countries, varying time-zones and unusual locations (ahem, the living room couch). As the pandemic subsides, we can expect to see many folks return to the office, while others stay home.
“When I talk to customers it’s clear the move to digital has accelerated and is now business critical,” said Shaz Khan, Chief Strategy Officer and Co-Founder of Vroozi. “Employees need and want applications that follow them wherever they work. Solutions without this capability limit productivity, performance and efficiency.”
Organizations must equip their finance and accounts payable teams with technology that caters to this new dynamic. Focus on enabling your employees to work and collaborate whenever and wherever they need to, even from their mobile devices. Moving purchasing and accounts payable processes, workflows and data to the cloud is a quick, easy and proven first step.
But remember that digitization is about more than enabling your team to work from home – it’s about performance, speed, accuracy, visibility and control. Think about everything your finance or procurement team needs to do on a given day – purchase supplies, manage budgets, reconcile invoices, manage accounts payable, collaborate with suppliers, etc. – and provide tools that make them faster and more efficient.
Without the ability to automate manual processes, like invoice tracking or business payments, your operation will be incredibly inefficient, no matter where your employees work. In addition, manual and data-heavy processes often lead to inevitable human error, which can cost businesses money and expose them to risk and compliance issues.
The right procure-to-pay digitization solution eliminates paper-based processes. It simplifies and automates data-heavy tasks, like spend analysis and budgeting, and makes everyone faster and more collaborative by centrally tracking key information. This saves employees time and equips everyone with the visibility needed to make smarter financial decisions.
Digitizing procurement and accounts payable operations is foundational to winning in the work from anywhere era. It’s time for mid-market organizations to stop asking “if” and “when.” The answer is right now.
Check out our latest infographic – The Power of Digital Procure-to-Pay – for more information on the ROI and financial benefits of purchasing and AP digitization.