The Cloud as a Great Equalizer—Cloud computing is becoming more mainstream for businesses of all sizes, as they recognize the value it provides to their organizations. For example, by conducting financial operations in the cloud, Accounts Payable (AP) and finance departments can be agile and easily respond to changes in economic conditions, regulations or company developments without involving IT resources. Security will continue to be at the heart of cloud offerings, with providers maintaining the highest levels of security across all financial transactions and business interactions. The cloud promotes the democratization of financial software, bringing its benefits to SMEs as well as enterprises, enabling them to cost-effectively realize the efficiencies and cost savings that these applications deliver.
Increased Analytics for Better Decision Making—Companies are relying more on analytics to uncover financial bottlenecks and opportunities for costs savings, among other areas. Relying on unprecedented levels of visibility over the complete financial value chain, dashboards of key performance indicators (KPIs) and other metrics and the ability to drill down into root cause analysis—companies can uncover savings opportunities and are more able to make financial decisions that align with corporate strategy. By gathering information across a business commerce network of trading partners, companies will gain greater insights beyond their internal organization. For example, they can uncover procurement and payment trends; optimize performance of the transactional network; and identify opportunities across the financial supply chain for accelerated payments, factoring or other strategies. With this insight across the entire P2P extended network, companies can improve their cash-to-cash conversion cycles and critical performance indicators such as days sales outstanding (DSO’s) and days payment outstanding (DPO’s).