No more Business Continuity Plan without a business process digitization component!
How Seneca can help business decision-makers to prepare the next economic, health, social, societal crisis … « Life isn't about waiting for the storm to pass, it's about learning to dance in the rain." ... at random lectures, I came across this quote that we lend to the playwright Seneca. It seems to me that it has been described perfectly in the minds of business leaders, financial decision makers and accountants who now wish to adopt.
Let me share with you the following thoughts to welcome your comments and challenges.
The Covid-19 crisis is the first crisis in our modern economic history, which has prevented employees to work even while business was alive and even when new projects investments were not frozen.
This inability to work gives a masterful brake or even a halt to economic flows: the customer who no longer pays their supplier who is no longer paid - or paid late - therefore who can no longer buy because cash-flow problems arise.
We are all someone's customer and supplier.
Why? Because these stopped processes remain mainly based on physical exchanges – paper-based to be clear.
Conversely, the processes which are digitized continue to run because they allow their stakeholders to continue working remotely: issue an electronic order, receive an invoice by e-mail, validate it via the web on their PC, their tablet or mobile, approve payment and settle it.
Some facts from the field support this assertion:
• Nearly € 100 billion in customer-supplier transactions - nearly 2% of exchanges in France representing almost 20 million invoices per annum - pass through the electronic invoice platform of Yooz: statements from recent weeks show that indeed the volume of electronic invoices was only slightly impacted by the crisis.
• And our field teams note that our customers strongly encourage their business partners to exchange paperless documents when this is not yet the case.
Companies that have been partially or strongly impacted by the cash crisis will want to control and cut their internal costs even more. Cutting costs and fighting invoice fraud become even more critical after the crisis. So companies will prioritize process optimization projects through automation. Just like electronic invoice projects.
To be ready to guarantee their continuity of service in the event of the next major crisis, companies will prioritize projects that allow you to switch to teleworking mode overnight. Just like electronic invoice projects.
Logically, companies will be in a hurry to select the paperless invoice solutions. They will favor solutions that offer an optimal blend of:
1. The best automation performance, which is evaluated by the number of "no touch" documents therefore processed without any human intervention. The current state of the art of technology makes it possible to reach or exceed 80% of automation by combining Artificial Intelligence with Machine Learning / Deep Learning powered by Big Data.
2. The most extreme simplicity of implementation and use, authorized by intuitive pay-as-you-go cloud-based solutions.
3. The functional depth and coverage, making it possible to digitize and automate a secured, tracked, tax-compliant and impervious to document fraud attempts process : from purchase requisition to invoice settlement.
The Covid-19 crisis is the Proof-Of-Concept of the electronic invoice.
This unprecedented crisis is the Proof-Of-Concept of electronic invoices projects. It acts as the wake-up call for any accounting and financial department which has not yet built their Business Continuity Plan to guarantee continuity of service at all times.
Communicated by Yooz
Publié le 07 septembre 2020