As the world continues to grapple with the uncertainty surrounding COVID-19, finance leaders must develop strategies to mitigate its impact on their company’s cash flow, supply chains and people.
From healthcare organizations to insurers and beyond, businesses must rethink the way they fulfill core functions such as paying suppliers, customers and employees. Yet, only 43 percent of those surveyed recently by Forrester believe that their business has a plan in place to deal with a crisis such as the COVID-19 pandemic. Many businesses are desperate for leadership during this trying time.
COVID-19 already is disrupting supply chains and business operations while putting entire industries in peril. Many employees are working remotely, factories are shuttered, and credit lines are drawn down. There’s no telling the long-term impact that COVID-19 will have on the global economy.
But it’s clear that automation is one of the most powerful tools that finance leaders have at their disposal for effectively responding to the significant challenges raised by the spread of COVID-19.
Finance leaders can help lead the business through the pandemic through their use of technology. Core finance systems such as the ERP must be functional and accessible. Those are the table stakes.
But finance leaders must also use automation to support key parts of the business that are likely to be impacted by the unfolding coronavirus pandemic. Omni-channel payment solutions – a single platform for managing any outbound or inbound payment – are critical to this effort. Here’s why:
Each of these benefits is essential to helping a business respond to the pandemic, or any crisis.
Finance leaders have an opportunity to help lead their business through the COVID-19 pandemic using technology. Lot of providers will say that their technology can help finance leaders during the crisis. But there are five reasons that finance leaders should prioritize omni-channel payment solutions:
With the right technology, finance leaders can help lead their organization through the COVID-19 pandemic. Omni-channel payment solutions provide finance leaders with a powerful tool for freeing up cash, ensuring critical operations and mitigating risk, while equipping the business for the future.
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