THE LANDSCAPE IS DIFFICULT
Companies have an abundance of data available to them, but poor visibility into what it means.
FIRMS RECOGNISE THAT THEY HAVE CRITICAL OPERATIONAL 'BLIND SPOTS' AND NEED GREATER SCRUTINY AND TRANSPARENCY ACROSS THE VALUE CHAIN.
Almost half (48%) say that when it comes to compliance, they rely too heavily on trust over data insight. And just 6% of firms strongly agree that they have deployed automation tools to monitor and check compliance data across all critical areas of the business.
Faced with myriad standards to keep up with, companies seem to be crossing their fingers and hoping for the best.
RESPONDENTS WHO AGREE THAT WHEN IT COMES TO COMPLIANCE, THEIR FIRMS RELY TOO HEAVILY ON TRUST OVER INSIGHT:
Chief Financial Officer
Chief Procurement Officer
ONLY 6% STRONGLY AGREE THAT THEY HAVE DEPLOYED AUTOMATION TO MONITOR AND CHECK COMPLIANCE DATA ACROSS ALL CRITICAL AREAS OF THE BUSINESS
WHERE ARE THE COMPLIANCE BLIND SPOTS?
More than a third of firms (35%) say they lack the data capabilities needed to expand their supplier ecosystem with confidence. A similar number (34%) cannot ensure global regulatory compliance with worldwide invoicing mandates.
But when we asked them how satisfied they are with their firm’s data capabilities for a range of compliance tasks, chief financial officers (CFOs) and chief procurement officers (CPOs) answered quite differently.
DO CFOS AND CPOS HAVE ACCESS TO THE SAME DATA?
Respondents who answered ‘very unsatisfied’ or ‘unsatisfied’
This lack of visibility of financial streams makes keeping track of compliance standards a huge challenge.