Securing financial business continuity during a time of economic uncertainty can be a challenge, but along with that challenge comes the opportunity to prepare your organization for a future of digitalization.
Based on responses from treasury and financial professionals surveyed in Strategic Treasurer’s and Global Recovery Monitor, financial impact is reportedly the number one concern for organizations today. However, many organizations are starting to embark on the road to economic recovery and financial normalcy.
So, what can your organization do to stay ahead of the recovery curve? Improving these three core areas can provide the right tools and positioning to overcome financial obstacles and come out even stronger on the other side:
Enhance accessibility -- now with widespread remote working models, accounts receivable, accounts payable, and treasury employees need to have easy accessibility to access data via digital platforms, cloud-based technology, and mobile devices to keep all financial operations running smoothly.
Bolster security -- the move towards digitalization and the adoption of technology are critical for fraud detection and prevention. Cases of fraud and scams are incessantly on the rise, so why is it that 20% of businesses surveyed had not factored security into their business continuity plans?
In fact, 82% of businesses were targeted by business email compromise (BEC) scams in 2019 alone. Best-in-class security practices are key to moving forward in today’s changing payment landscape.
Transform into a digital-first organization -- the shift to electronic payments was accelerated by the pandemic, and end-to-end digitalization is more important now more than ever as working from home is the new normal. Paperless, digital-first approaches to invoices, payments and other financial documents are necessary as experts take a look into the future of business payments.
As organizations return to financial normalcy, a digital-first plan of action is necessary for organizations to adapt, survive, and face the economic impacts of COVID-19 head on.
Check out the full article by payments expert Bill Wardwell, “Ensuring Financial Business Continuity in an Uncertain Recovery” to learn how accessibility, security, and digitalization can ensure financial business continuity in times of disruption.
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