Doing business transparently has many commercial benefits.
How are businesses responding to demands for transactional transparency from customers and wider society?
Companies and their leaders increasingly benefit from what I call ‘visible commerce’. They need to know what sits underneath all their transactions.
At Basware, we see such visible commerce as a means of simplifying operations, spending smarter and doing more.
Research reveals the need for transparency
We partnered with Harvard Business Review Analytic Services (HBRAS) to take the pulse of business leaders and to understand how automation is empowering strategic decision-making at their firms.
I am pleased to share the findings of how this elite group of company executives are using transparency to mitigate risk, create business value and hone their competitive edge.
The report, Using Transparency to Enhance Reputation and Reduce Business Risk, explores the full value that such transparency delivers.
It clarifies the advantages of automating finance and procurement processes.
It finds that those working towards total visibility in the flow of money, goods and services are able to make more effective strategic decisions. And that this transparency is a defining characteristic of winning businesses worldwide.
The companies that have invested in improving visibility across finance and procurement benefit from greater employee engagement. They have a better reputation and enjoy revenue growth.
Decrease risk and improve reputation through supply chain visibility
Chief Executives and Chief Financial Officers are concerned by lack of visibility in the supply chain – and associated reputational risks.
Increasingly they are asking their finance teams to explore the untapped potential of data-led insights and unlock the potential unrealised value that a better grasp of their operations could provide.
The smooth flow of financial data between suppliers and buyers quietly underpins global trade.
From ordering a taxi to renewing an option on wheat grain, we each have the power to change the world for better or worse with the push of a button.
Today’s interconnected world transcends physical boundaries and delivers tremendous business advantages in terms of speed, convenience and efficiency.
But it also comes with the risk of trusted human connections between buyer and supplier being lost. Or faked.
We live in a world where technology giants Google and Facebook voluntarily paid out $172 million in fake invoices to a single man posing as a legitimate supplier.
Visibility makes better businesses and better corporate citizens
From accounts payable to quality management, visibility of such data is helping businesses to become better corporate citizens.
It enables them to take responsibility not only for the quality of goods and services but also for the manner in which they are produced.
Visibility of financial data is about more than purchase-to-pay solutions, although we believe this technology is a key enabler. It requires a wider shift in management attitudes towards tracking and valuing an organization’s reputation as a responsible operator.
It is part of being able to prove to customers, partners and regulators that you are not just faster, cheaper and more efficient, but that you uphold high ethical standards that benefit society.
Businesses need visibility, the world thrives through transparency. From the opportunity to simplify operations, spend smarter and do more, automation of finance and procurement empowers businesses to move forward with confidence.
I hope that this report encourages more to recognise the competitive advantage of Visible Commerce.
Learn more in the HBRAS report
Download the HBRAS report, Using Transparency to Enhance Reputation and Reduce Business Risk. See for yourself how organizations can overcome technical, organizational and cultural barriers to fully embrace business transparency.
And for more information about how Basware can help your organization realize its own Visible Commerce Dividend, visit https://r.basware.com/visiblecommerce.