Could Visibility Be the Key to Stability During Disruptive Times?

“Business as usual” may feel like a distant reality. But there are ways organisations can seek and find business continuity during times of global disruption. Read more to read a preview of a Payments Journal article and learn how greater visibility over your procurement and finance operations can help you reach a level of business stability.

Recently, in a Payments Journal article, we discussed the current state of business and how complete visibility into your procurement and finance operations gives your organisation the best chance to find success during disruptive time.

In a report by the Harvard Business Review Analytic Services (HBRAS) sponsored by Basware, more than a quarter of business executives said that transparent finance and procurement processes would lead to an 11% to 20% cost reduction.

But most organisations just don’t have the transparency required to combat an ever-changing economy and forecast for the future. In the same HBRAS report, 60% of respondents agreed that a lack of visibility into their suppliers’ practices is a significant risk management issue and as many as 24% admit that, as it currently stands, they’re failing to effectively evaluate supplier business practices.

But, there are ways to achieve greater visibility and therefore safeguard your organisation from the pangs of disruption:

  • Eliminate manual processes

  • Integrate innovative tools and technologies

  • Properly analyse your data

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VP of Purchase to Pay Product Management, Basware Sami Peltonen, is VP of P2P Product Management. Sami boasts more than two decades developing and delivering solutions that streamline procurement and finance professionals’ daily lives, enabling them to achieve greater efficiencies within their organisations. Sami currently leads Basware’s P2P Roadmap and Product strategy.