Efficiency is essential to retaining profits in a period where macro-issues dominate and inflation is rampant.
Chief financial officers (CFOs) and their finance teams often understand the need to operate more effectively.
Because transaction volumes are rising and supply chains are still insecure, those financial experts’ expectations are likewise rising.
Cost reduction, according to OpenEnvoy CEO Matthew Tillman, is a primary objective. And the options for cutting costs often center on how to automate the time-consuming tasks that required the attention of dozens, hundreds, or even thousands of personnel. A reluctance to use the technology that simplifies the back-end task might exist, though.
He said, “People are apprehensive of automation because they think it will be a complicated procedure.
According to Tillman, this is in part because enterprise resource planning (ERP) integrations sometimes took place across years and involved open-ended management contracts.
Tillman expressed his findings in light of Stanley Black & Decker’s reported plans to eliminate 1,000 finance roles in order to save money. The conglomerate’s plan serves as an example of what is happening in corporate boardrooms across a variety of sectors as CFOs look to find sensible places to cut administrative expenses within the organization.
