Basware’s Visible Commerce: Overcoming Operational Blind Spots report highlighted supplier and regulator blind spots within the global industry. Specifically, there is an abundance of data collected, but poor visibility in data comprehension. In addition, the growing e-Invoicing mandates are causing complexity and concern in the finance and procurement fields.
Data Overload. More than 33% of respondents lack data capabilities needed to expand their supplier ecosystem. 34% can’t ensure global regulatory compliance with worldwide invoicing mandates.
Supplier Shortcomings. 51% of finance and procurement professionals say they struggle to prove compliance standards in their supply chains. Over 33% say they are unsatisfied with data capabilities for supplier selection and onboarding. Yet, only 45% plan to increase continuous monitoring of supplier information in the next three years.
Regulation Risks. Accounting complexity and increased government/regulator reporting requirements were cited as two of the top three risks by respondents at 57% for each.
Automation Action. 60% of respondents plan to increase spend in automating and digitizing data collection. 57% are focused on continuous automation for touchless data processing. Over 50% of those surveyed want to invest in artificial intelligence/machine learning to support data-based decision-making.