Maximizing digitalization and rethinking current processes are more important now than ever before for businesses to run smoothly during disruptive times. It’s important for your business to find the right automation partner to assist in adjusting, adapting, and adopting new and efficient processes.  

With remote work the new normal for many companies around the world, there’s a need to adjust and adapt to the changing payments landscape and adopt critical business continuity measures to keep businesses doing what they need to do – even when not in a traditional office environment.

Keep in mind that your business is not alone in facing these challenges. Many organizations are faced with reacting to new and unique circumstances in response to the COVID-19 pandemic, but automation and digitalization technologies are here to help.

Automation and digitalization can provide the necessary tools to help your business:

  1. Be prepared with fully digitized processes when crisis strikes.
  2. Take advantage of the speed and visibility inherent to electronic payments.
  3. Reduce risk through enhanced security and prevention features.

Based on findings from a recent Treasury Coalition survey, when asked how COVID-19 is impacting their businesses, respondents reported a 5x negative outlook for liquidity on receivables as opposed to the outlook before the pandemic hit.

One factor that might explain this trend is that many accounts receivable departments still rely on manual processes and get paid with paper checks.

Driving payment efficiency with the ability to process payments electronically, update prior security considerations, and create visibility into managing cash flow are all key attributes to help your business stay in business and ahead of competitors.

Keeping your business up to date with automated and digital processes is key to keeping your business running smoothly. And finding a trusted technology partner to advise and guide you ensures you won’t have to go it alone.

Check out the full guide, “3 Critical Business Continuity Measures for Accounts Payable” to read more about how AP automation can help businesses weather the disruption caused by the pandemic.

Subscribe

For further insights into the payments industry and beyond, subscribe now and stay up-to-date on the latest tips, trends, and topics. You can also check out The Payments Podcast, where experts weigh-in on real-time factors impacting the payments industry.

Posted by Mary Elliott

As a featured SmartPayments contributor and marketing intern at Bottomline Technologies, Mary Elliott brings a unique perspective with her diverse background in the technology, marketing, and non-profit industries. She is simultaneously pursuing a BS in advertising with a minor in technical writing at Kent State University.