Covid-19 Accelerating Digital Transformation

News - 30 Sep 2020

According to a new report by KPMG, despite an unsurprising decline in business confidence since the start of the pandemic, the rate at which organizations are implementing technology has increased dramatically.

The survey was carried out amongst CEOs from many of the world’s largest companies, in order to gain an understanding of how priorities have changed as a result of the Covid-19 pandemic.

The report, titled ‘KPMG 2020 CEO Outlook’, states that 80% of CEOs globally have seen the digital transformation of their businesses accelerate over the past few months.

With business increasingly taking place online and many workforces now operating remotely, organizations have been forced into adapting their systems and processes. This has led to many organizations fast-tracking their digitization plans.

In the report, Steve Hasker, CEO at Thomson Reuters states, “with our customers, we’ve seen a major change in the acceptance of cloud-based, real-time, digitally delivered business information services. I think we’ve seen 3 to 4 years of progress in just 3 to 4 months.”

Of the many benefits that cloud-based solutions offer, the ability to facilitate remote working is one of the biggest benefits being experienced right now. In the report, Paul Toner, Head of Consulting at KPMG demonstrates the impact technology has had on remote working across entire organizations, in terms of “CFOs figuring out how distributed teams can put reliable information together”.

The opportunities that technology presents for remote working are far-reaching. A recent report by EY highlights how organizations can be successful with remote working both now and in the future. However, the report also warns that organizations must choose the appropriate tools carefully, with remote working an investment that requires step-by-step adoption.

Finance Teams require the right tools to be able to fulfill their roles, especially in a remote working environment. In order to gain complete control and visibility over the AP process when working remotely, AP teams need a centralized system that allows them to log in and view the status of invoices, approve and query invoices, handle supplier queries and monitor KPIs among other things.

 

“For over 30 years, SoftCo has been providing organizations with proven financial process automation solutions. SoftCo ExpressAP is a cloud-based solution that removes costly manual invoice processes and facilitates remote working by providing complete control and visibility over the AP function.”

Garret Pearse, Senior Consultant, SoftCo

 

SoftCo’s Smart Automation solutions automate Procure-to-Pay, Accounts Payable, Vendor Management, Billing, and Contract Management processes. Reducing costs, increasing efficiencies, and delivering an intuitive user experience across all devices. SoftCo Compliant Archive is SÄHKE2 and ISO 27001 certified, meets all compliance obligations, and effectively manages all organization data. SoftCo is a global organization working with clients based across North America and Europe including PWC, The Finnish Government, Lloyds Bank, Volkswagen, and Primark.

https://softco.com/softco-express/