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Digital Payments
MORE CFOS TAP PAYMENTS DIGITIZATION IN THE BATTLE TO MANAGE BALANCE SHEETS
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By PYMNTS Listen to Article
Posted on March 8, 2022
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Two years of pandemic-induced disruptions to business operations have forced
chief financial officers (CFOs) at many companies to look for ways to improve
their management of costs and cash flows. Many hastened their implementation of
digitized payments processes as a result. PYMNTS’ research shows that these
executives can now confidently say they improved the management of their balance
sheets, have better control of accounts receivable (AR) and accounts payable
(AP) processes and can better supervise their investments in assets.
Many CFOs from finance and insurance companies say payments digitization is a
way to help transform how their companies run and reposition themselves to
strengthen their ties with customers and suppliers.
These are a few of the key findings in Business Payments Digitization: How
Financial and Healthcare CFOs Build Healthier Balance Sheets, a PYMNTS and
Corcentric collaboration. We surveyed CFOs of 400 companies from Aug. 16 through
Sept. 15, 2021, to gather insights about how the pandemic affected the
management of their payment functions and how it prompted some to enact plans or
accelerate the implementation of existing projects to digitize their payment
functions.
Some additional key findings include:
• Seventy-one percent of finance and insurance company CFOs and 64% of
healthcare and medical business CFOs say digitization is a “very” or “extremely”
important strategy to improve management of their balance sheets. This
illustrates the extent to which businesses in these industries are seeking
improvements in their ability to manage financial operations.
• Forty-eight percent of firms in the finance, insurance, healthcare and medical
industries say they accelerated the digitization of payment processes and
systems following the start of the pandemic to improve their balance sheet
management. Digitizing payment processes has been a trend for several years for
many industries, but companies quickened their efforts during the pandemic to
get a better handle on their cash flow and AP/AR processes amid economic
disruptions.
• Seventy-eight percent of finance and insurance companies’ CFOs and 65% of
healthcare and medical company CFOs say digitization is about transforming their
payments and financial processes. These CFOs expect digital transformation to
help them plan and execute their business goals more strategically. Digitized
payments processes can significantly change a company by improving its
operational efficiency and its relationships with customers and suppliers.
As a result of their efforts to digitize their payments processes, CFOs report
realizing improved operational efficiency and better collaboration among
employees throughout their organizations. These benefits are crucial as
executives and their companies find themselves at an inflection point where they
can position themselves for long-term changes to the economy, which have already
included a higher proportion of the workforce working remotely and a dramatic
increase in online commerce.
Digitization, which most CFOs consider to be transformational in nature, helps
companies be more responsive to changes in the marketplace. Those that are most
nimble and able to adapt to these changes will be best positioned to execute
strategies that consider new economic realities.
To learn more about how companies from a wide range of industries are using
payments digitization to transform their operations, download the report.
Related Items:AP, AR, B2B, B2B Payments, balance sheets, Business Payments
Digitization, CFOs, Corcentric, Digital Payments, Featured News, Finance,
Healthcare, News, payments digitization, PYMNTS Study
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