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It’s a complex world out there. Thanks to globalization, Finance departments have to manage business across borders, currencies, taxes and regulations in a competitive and often volatile marketplace. Internal complexities compound these issues. Many companies are struggling with siloed departments that have disconnected processes and isolated data, giving each department its own version of the truth.
Under these conditions, the internal communications and external collaboration needed for effective B2B commerce have often been compromised. Companies don’t have the visibility across their Purchasing and Accounts Payable departments to truly know and effectively manage their spend, liabilities, cash flow and working capital. They also don’t have the insight they need into their transactions with suppliers. All of this can result in errors, delayed payments, and loss of control over key financial processes such as procurement, accounts payable, spend and working capital.
An open B2B Cloud environment simplifies the complexity and can solve these problems. It allows companies to do business with their suppliers quickly, efficiently and transparently – despite the number of systems or suppliers involved. It provides a secure and global ecosystem for buyer and supplier collaboration, meeting the needs of not only global enterprises, but small and medium enterprises (SMEs) as well. E-invoicing and other process automation technologies implemented via the cloud remove manual, time-consuming transaction processes and replace them with fast, error-free automated ones – giving companies real-time actionable insight and control, and improved supplier communications. It’s time to move B2B transactions to the cloud to not only simplify, but also to improve global commerce for buyers and suppliers alike.