The core of many businesses, the Finance Department, is an area that’s most heavily hampered by slow, repetitive business processes. In many industries, there’s still a reliance on paper (invoices, purchase orders, procurement notices) and manual steps still have to be taken to chase late payments, control spending and forecast cash flows – to give but a few examples.

The irony is that the flow of goods & services and payments in and out of the business are its lifeblood. It’s nigh on impossible, in some cases, for finance functions in the organisation to respond at the speed, and with the high levels of accuracy, that the mass consumerisation of technology has created a demand for. Organisations are throttling their lifeblood by not adapting their Finance and Procurement practices to drive change throughout the affected Departments.

This situation exacerbated by a new generation of staff that are coming into workplaces as digital natives – with expectations of the speed and efficiency of the digital age. Your organisation both works alongside Generation Z, but also interacts with technologically talented people up- and down-stream of the supply chain. There’s an expectation all round, therefore, that your organisation can trade, procure and administrate its dealings digitally. Are you ready?

Whether you’re a Director of Finance or a Procurement Officer, or you work in an Accounts Payable Team, you’ll know that the nature of your organisation’s processes is unique. So it just wouldn’t be practical to blindly attempt to modernise and create meaningful, efficient, digital workflows by jumping at the first raft of technology to come along. Better to see solutions in practice, and talk to experts in the provision of procurement, finance, and treasury.

The Basware platform is truly end-to-end, addressing three major areas of digital empowerment. From creating a supplier selection policy to managing a strategic vision for the Finance and Procurement functions, come and meet Basware and see the future in action.

Enable digital transactions

By digitising all information (supplier information, catalogues, contracts) you are empowered with the ability to delegate data responsibility to the supply chain, and open new, collaborative channels with partners, peer organisations, suppliers and customers.

What were once complex, repetitive workplace processes become a simple matter of instructing software to undertake tasks without error, every time.

Create mind-machine partnerships

Identification of automatable roles means staff can be freed up to perform strategic, visionary roles that focus on real business impact, rather than fighting fires and undertaking gap analysis.

The structure of job roles can be reconfigured as a meshing of robotic processes and emancipated staff takes root, with the emphasis on what can be done, not what has to be done, just to survive. Basware can even help with the necessary changes in mindset required across the Finance function, for staff unused to robotic process automation.

Leverage technology for insight

Focus on predictive and prescriptive analytics, enhanced by AI and ML (artificial intelligence and machine learning) to discover where cost centers are performing poorly, and how business intelligence can be applied to remediate ailing processes and systems. Payments and financing data, properly addressed and mined, inform and open up possibilities, like capturing available early payment discounts – without manual intervention.

The totality of the human/robot technological infrastructure can transform processes digitally, but also instigate a sea-change in the way the Finance and Procurement Departments think, operate and are regarded in the larger enterprise. The significant resources available from the trusted change management partner, Basware, mean that you can transform both your human talent and the way you, they and your partners interact with technology.

To learn more, visit the Basware site for more information or contact a representative here.