VISIBLE COMMERCE: OVERCOMING OPERATIONAL BLIND SPOTS
How finance and procurement will combat too much trust and too little data visibility
BUSINESSES ARE GENERATING MORE FINANCE AND OPERATIONS DATA THAN EVER. BUT DOES IT STAND UP TO SCRUTINY?
With more companies digitising their operations, the amount of business data is rising sharply. At the same time, tax and invoicing regulations are pushing firms to prove that their operations and supply chains meet a growing range of standards.
How confident are firms in their ability to do that? To find out, we asked 400 finance and procurement professionals about global regulatory compliance, and their approaches to worldwide electronic invoicing mandates and supplier information management.
We learned that, far too often, enterprises lack insight and are operating on trust. This is a precarious position to be in: data breaches by a supplier could lead to huge financial and reputational damage.
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THE RESEARCH TELLS US THAT:
FIRMS HAVE TOO MUCH TRUST AND NOT ENOUGH PROOF
say that when it comes to compliance, they rely too heavily on trust over data insight.
THEIR LINE OF SIGHT IS LIMITED
struggle to prove that their supply chain meets the full range of standards for compliance.
believe their suppliers pose the biggest threat to their reputations.
THEY KNOW THAT DATA CAN GIVE THEM A COMPETITIVE ADVANTAGE
believe that increased compliance and data visibility in finance and procurement will lead to greater trust in the business from customers and partners.
MANY ARE READY TO RAMP UP AUTOMATION
intend to significantly increase their investments in data automation over the next 12–18 months. Automation means less human intervention, more accuracy and, ultimately, more compliance.