Inflation in many countries has reached generational highs leading to interest rates rising faster and higher than most would have anticipated. Regardless of the short-term trajectory of inflation, we are entering a fundamentally different business environment from the one we have experienced over the past 40 years.
Every business is now focused on cost reduction as the price of funding and production inputs rise. Nevertheless, the circumstances of this economic turning point are unique. We are also amid a wave of technological advancements driven by integrated data flows, machine learning and artificial intelligence. This technology is transforming business ecosystems and creating significant opportunities for digitization and automation.
In this unique environment, finance functions find themselves under pressure from competing priorities for efficiency, technology investment and cost reduction. Accounts Payable teams are often at the forefront of this challenge to do more with less while balancing day-to-day tasks with strategic goals.