Basware announced its key trends and issues that they believe dominates the 2012 CFO agenda. From looking at them, things are looking grim for 2012. We only hope that we can stay out of self fulfilling prophecy process.
The key trends for 202 focus on the potential changes to the global economy, the potential collapse of the Eurozone, a move to adopt cloud services and continued compulsory e-invoicing mandates across the globe.
Global Economic Changes
In 2012 we could see a drastic global economy change. With the potential collapse of the Eurozone and the Euro across key countries in Europe. With the increased interlinkage of financial systems on a global scale and without a clear understanding of how these systems interlink, the collapse of Eurozone could impact businesses and finance at global scale.
Without processes/strategies to respond to these periods of potentially massive changes, it becomes very difficult for businesses to manage spend and gain cash flow visibility.
Harnessing the Cloud
Forrester predicts that cloud delivery as-a-service is a growing part of the market, reaching 41% of total vendor revenues by 2012.
Businesses enable their Accounts Payable and Finance departments to be agile and flexible to respond to fast-changing economic conditions and to drive cost savings and identify new market opportunities.
Compulsory e-invoicing
In 2012 more and more countries will revert to compulsory e-invoicing mandates. In countries where e-invoicing is not required, businesses will still find it necessary to implement e-invoicing in order to trade with other companies on an international scale.
Accurate cash flow forecasting becomes a strategic priority
Financial systems have become increasingly interdependent. As a result, the primary objective for Finance departments in 2012 is to achieve visibility of cash flow. The 2011 Cost of Control Fuzzy Finance research, commissioned by Basware, indicated that:
– 71% of global CFOs and finance directors are concerned that greater levels of reliance between different finance systems creates less cash flow visibility.
– 68% of the CFO’s think that greater levels of e-invoicing and payment automation improves cash flow visibility for their organizations. With Finance under increasing pressure in the new year, it will be paramount that needed information is accurate and readily available.
An open network
An open network, where buyers and suppliers can easily transact regardless of their technology formats, will become increasingly important.
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