Many businesses in Asia still operate in silo. Just look at how many finance departments operate – especially for large organisations. There are specialists handling accounts payables, accounts receivables, performing reconciliation, financial planning and analysis, etc. While there is merit to having specialists, unchecked these specialist functions can foster turf wars, introduce inefficiencies and operational delays.
Digital transformation exposes these inefficiencies and as a remedy encourages collaboration and teamwork. In the case of procurement and accounts payable (AP), this rings especially true.
This Institute of Finance Management (IOFM) white paper explores the negative effects of dissociated procurement and AP departments and the benefits of integrating them with an automated, end-to-end P2P workflow, including:
- Fewer duplicate payments & improved ROI
- More collaborative teams & increased efficiency
- Heightened business intelligence from greater visibility & reporting
Click here to download this whitepaper.