With the Covid-19 Pandemic causing a global economic recession, the pressure has never been more intense on finance leaders to drive cost and time savings. While business models, budgets, and processes are constantly evolving during growth periods; they are now being completely thrown to the wayside, as finance leaders realise they need to be agile and creative to navigate their companies through this Covid-19 pandemic.
Even prior to the Covid-19 pandemic, the top priority for 75% of CFO’s was to reduce costs; while more than 80% of CFO’s planned to implement productivity and efficiency improvements; 47% planned to reduce labour costs; and 45% expected to reduce non-labour costs. No doubt in 2020, these percentages are now much higher.
Furthermore, the role of a finance leader has evolved from an administration function to a strategic one, where CEO’s not only demand transparency into all aspects of financial processes, but also want to receive recommendations based on actionable insights and data. This is where finance leaders turn to ivi’s Purchase-to-Pay (P2P) Solutions to digitally transform and automate their financial processes to achieve the following benefits:
Massive Cost Reductions
ivi’s P2P Solutions provide a CFO with a better understanding on how the organization is spending its money, which allows finance leaders to negotiate better pricing, stop maverick buying, and prevent Suppliers from overcharging. This ability to extract powerful insights from 100% of the financial data, provides exciting opportunities for cost savings and growth!
Improved Employee Productivity
ivi’s P2P Solutions automate the process of buying and paying for goods and services, which eliminates a number of manual tasks, including the tedious and time-consuming keying-in of Supplier Invoice data. This gives back more man-hours to the organization, allowing employees to focus more time on high-leveraged, strategic activities that positively impact the company’s bottom line.
Visibility and Transparency
Finance leaders often have very little visibility into their financial administration processes. Many have no idea where a particular Supplier Invoice is at any given time, or if a Purchase Order (PO) was even fulfilled and received, making it difficult to complete timely accruals or promptly resolve queries. With ivi’s P2P Solutions, a finance leader can manage the entire P2P process on one system with one single interface; while decision-makers will have access to financial trends and the department’s progress towards goals.
Risk of Human Error Eliminated
In addition to the obvious cost and time savings, digitalising and automating the P2P Process with ivi, means that the risk of human error is eradicated entirely. Examples of human error without ivi’s P2P Solutions that can have a devastating effect on a company include duplicate invoicing, paying an incorrect amount, paying the invoice to an incorrect supplier, or paying a fraudulent invoice.
Prior to the Covid-19 pandemic, over 70% of CEO’s identified digital technology and automation as an opportunity to enhance operational efficiency, customer experience, and innovation capacity. Now the need to adopt digital technology and automation has never been greater. CFO’s in their newly evolved strategic roles, need to leverage technologies such as ivi’s P2P Solutions to seize these opportunities or else risk being left behind by competitors.