www.corcentric.com Open in urlscan Pro
141.193.213.10  Public Scan

Form analysis
2 forms found in the DOM

GET https://www.corcentric.com/

<form class="search ccc" method="get" action="https://www.corcentric.com/">
  <input type="search" class="search-field no-livesearch" placeholder="Search…" value="" name="s" title="Search…">
</form>

GET https://www.corcentric.com/

<form action="https://www.corcentric.com/" method="get">
  <div class="search-container-inner">
    <input type="search" class="search-field form-fluid no-livesearch" placeholder="Search…" value="" name="s" title="Search for:">
    <i class="fa fa-search3"></i>
  </div>
</form>

Text Content

CONTACT  |  FRANÇAIS
 * Solutions
   * Source To Pay
     * Source To Contract
     * Procure-to-Pay
     * Accounts Payable Automation
   * Intelligent ApplicationsNEW
     * Intelligent AP Automation
     * Gopher Intelligent Assistant
   * Order-to-Cash
     * E-Invoice Presentment and Payment
     * Online Payment Portal
     * Accounts Receivable
   * Payments
     * PayNet
     * StopFraud™
 * Services
   * Managed ServicesNEW
   * Managed Accounts Receivable
   * Managed Accounts Payable
   * Managed Sourcing
   * Managed Procurement
   * Managed Payments
 * Advisory
   * Strategic Advisory Services
   * Strategic Sourcing Services
   * Procurement Advisory
   * Finance Advisory
   * Digital Transformation
 * Fleet
   * Fleet Solutions
   * Fleet Procurement/GPO
   * – Construction and Agriculture
   * – Material Handling Equipment
   * Fleet Financing
   * Fleet Analytics
   * Fleet Suppliers
   * Fleet Remarketing
 * Customers
   * Customer Stories
   * Testimonials
   * Customer Case Studies
 * Resources
   * All Resources
   * Blog
   * Case Studies
   * Datasheets
   * Infographics
   * Podcasts
   * Reports
   * Videos
   * Webinars
   * White Papers
 * Company
   * About Us
   * Our Story
   * Awards
   * Leadership
   * Partners
   * Media Coverage
   * Press Releases
   * Events
   * Careers

 * Login
 * Contact Us

 * Search
   * 


WHY ARE CFOS TALKING ABOUT MANAGED SERVICES AGAIN?




ABRIZENDINE

 * 
 * 
 * 
 * 
 * 
 * 



When Chief Financial Officers start talking about a new way of working, everyone
in the finance function should be listening. Good news, you’ve come to the right
place to find out exactly what’s driving this resurgence of interest in managed
services, and how they apply to the finance function.

Managed services and managed service providers (MSPs) are nothing new, the term
“managed service” having been coined in the 1990s, but they have evolved in
scope and relevance to business needs.  In the early days, managed service
providers sprung up alongside application service providers (ASPs).  The key
difference between these was that MSPs focused on the delivery of skills and
services (underpinned by technology) whereas ASPs focused on the delivery of
software applications.  It’s not hard to see that ASPs were a forerunner of
Software-as-a-Service (SaaS).

There are parallels between the popularity of IT managed services and remote
computing.  Consider the shift from terminal and mainframe (1990s) to fully
in-house IT systems (early 2000s), before the rise of cloud infrastructure (over
the last 15 years).  MSPs lost out as businesses brought teams in-house, but the
pace of technology change has made it increasingly challenging to keep in-house
teams up-to-speed with the combination of technology and skills needed to
maintain a competitive advantage.

Business consultancies boomed in the early 2000s as enterprises sought external
wisdom and technology best-practices to accelerate their performance, but
consultancy moved from one-off fixes to long-term partnerships as businesses
realised the value of ongoing and iterative support.

Businesses may have been willing to leverage cloud-based solutions and remote
consultancy, but some critical business processes were seen as having to remain
in-house, including the vast majority of financial processes, or surely they
would fail from a security and performance perspective.

And then, the COVID-19 pandemic shook everything up.

The pandemic showed even the most office-centric businesses how remote working
and delocalized teams could be successful, often more efficient than
office-based workers. Many businesses switched to hybrid working in the long
term as a result.

So, if your own accounting teams can work remotely, what are the barriers to
supplementing and extending these teams with a managed service?

The great resignation and ensuing recruitment crisis has driven businesses to
seek out new ways to do more with less, as they struggle to recruit and retain
the skills needed for a wide range of roles.  Businesses are once more looking
at managed services as a solution, but beyond their originally limited scope.


RELAXING THE NEED FOR IN-HOUSE AND ON-PREMISES

Cloud computing changed the business mindset of having ”everything under one
roof,” and remote working has pushed this further.  Businesses are now more
confident with cybersecurity to support offsite processes.

Data centers are off-site by default these days, leveraging economies of scale
for resource sharing, cooling and management. Cloud computing has transformed
information technology delivery, proving secure real-time connections to cloud
resources can sit at the heart of business-critical processes. So why has it
taken a pandemic and enforced remote working to shake up the delivery of
financial processes?

It wasn’t just the physical security of having teams working in line-of-sight at
company desks that executives craved. There’s something unnerving about an
off-site team handling business-critical processes, isn’t there? Or is there?

Well, let’s think about all those sensitive documents that are delivered by
post.  That’s a fair bit of trust that’s placed in an outside agency.  And
financial processes have always worked closely with banks and other financial
service providers to handle the flow and investment of cash – pretty fundamental
to a business’s well-being.

So, just as it’s been acknowledged that the speed of technology change makes
in-house technology ownership expensive and onerous, now comes a dawning
realization of the many benefits that managed services can bring to financial
processes – particularly those underpinned by complex technology.


THE GROWTH IN MANAGED SERVICES

In recent years, the popularity of managed services for businesses has grown
significantly.  Companies of all sizes and industries are turning to managed
services providers to handle their IT, security, and financial needs, among
others. Managed services provide companies with a cost-effective and scalable
solution that allows them to focus on their core business activities.

One area where managed services are now gaining ground is in financial services,
specifically accounts receivable and accounts payable.  Managed financial
services providers offer businesses a variety of services, including invoice
processing, payment processing, and cash application. These services help
businesses improve their cash flow, reduce errors, and streamline their
financial operations.

According to a report by MarketsandMarkets, the global managed services market
size is expected to grow from $242.9 billion in 2021 to $354.8 billion by 2026,
at a Compound Annual Growth Rate (CAGR) of 7.9% during the forecast period. The
report cites several factors driving the growth in managed services, including
the increasing adoption of cloud-based services, the need for businesses to
reduce costs, and the growing complexity of IT infrastructure.  The report
indicates that nearly 70% of the enterprises are reaching out to MSPs to fill
cloud IT skill gaps.


MANAGED SERVICES FOR FINANCE LEADERS

Finance leaders are now waking up to the idea of supplementing their finance
team with managed services. The business model that has worked so well for IT
services is now being used to fix resource gaps as finance teams struggle to
recruit and retain the skills they need in-house.

With competitive advantage in financial management increasingly reliant upon
technology investment, managed service providers who can deliver people,
processes, and technology as a package have a strong appeal.

Risk management is incredibly important to finance leaders, so the selection
process and service level agreements (SLAs) with managed service providers need
to be carefully managed. But, the credibility and experience of providers such
as Corcentric makes this easier than ever.

Just as every supply chain partner needs to be carefully vetted for reliability,
security, and now ESG credentials, managed service providers should meet a long
list of suitability criteria for your business. Efforts previously spent on
recruiting the right teams and investing in the best technology can be
redirected to the task of evaluating managed service providers, to identify
those likely to make a bigger and more sustainable impact on business
performance.

One example of a company that has seen significant benefits from managed
services is PepsiCo. In 2017, the company entered into a multi-year agreement
with a managed financial services provider to support their accounts payable and
receivable processes, including invoice processing, payment processing, and cash
application. The partnership has helped PepsiCo streamline its financial
operations, reduce costs, and improve its cash flow.

Another example is United Parcel Service (UPS), which partnered with a managed
services provider to help automate its accounts payable processes. The company
was processing more than 70,000 invoices each week manually, leading to delays
and errors. By outsourcing its accounts payable processes, UPS was able to
improve its efficiency, reduce its processing time, and free up resources to
focus on other areas of its business.


TECHNOLOGY-EMPOWERED CFOS

CFOs were previously beholden to strategic decisions about new technology
investments for business process improvements being made by CIOs.  But as CFOs
have become increasingly tech savvy, many realise that the old arguments for
building technology solutions in-house, or investing in SaaS and having IT spend
months implementing it, were driven more by the IT department’s desire for
control than valid security and ownership concerns.

CFOs are now often empowered to make these strategic decisions for themselves,
so are ready to leverage managed services to remove the traditional delays,
costs, and headaches of initiatives getting bogged down in an ”internal IT
project.”

As the C-Suite look to CFOs to provide carefully informed decision-making for
business success, finance leaders need to invest heavily in technology-driven
solutions that measure the right metrics and monitor the KPIs needed to optimize
business outcomes. This investment in technology simply cannot afford to fail,
so managed services are seen as crucial to deliver solutions that quickly bring
value to the financial process, without the delays, overheads, and risks of an
internal IT project.

Without wanting to sound negative, it’s well documented that big internal IT
projects are far more likely to fail than succeed.  Take a look at this 2021
Forbes article for some sobering stats – highlights might be the suggestion
that 90% of IT projects fail to deliver any ROI, or that only 30% of digital
transformation projects yield improved performance. It’s not hard to see why
CFOs are looking to expert partners as a more guaranteed way of delivering
technology-intensive transformation to their financial processes.


WHY WAIT? YOUR TIME IS NOW!

Bringing a managed service provider onboard requires little more to get started
than a few discovery meetings, a supply of financial data, and a means of
interfacing with your ERP system (which can be as simple as an import/export
process, rather than full integration).

The managed service provider should be able to quickly identify and commit to
short-term cost savings and operational efficiencies that ensure a rapid
time-to-value. Longer-term ROI goals are then funded by these short-term savings
and approaches to liberating working capital. A managed service provider should
present a strategic partnership for the long term, without the need for up-front
investment.

There are more and more examples of managed services delivering business
outcomes beyond the traditional scope of IT services. Finance leaders who are
slow to incorporate managed services are missing out; do you want to fall behind
with them, or would you rather seize the competitive advantage?

Let us show you how quickly you can benefit from managed services in your
business today— talk to one of our experts to learn how Corcentric provides
managed services for some of the world’s most successful businesses.


MOST POPULAR

 * Introduction to Source-to-Pay Solutions for Supplier Management
 * Exploring the Right Source-to-Pay Solution for Procurement Companies in the
   USA
 * The C-Suite Guide to Utilizing Source-to-Pay Software

 * Prev
 * Next

(800) 608-0809
200 Lake Drive East
Suite 200
Cherry Hill, NJ 08002

More locations >

Need support?

Source-to-Pay
Source-to-Contract
Procure-to-Pay
Accounts Payable Automation

Intelligent Applications
Intelligent AP Automation
Gopher Intelligent Assistant

Order-to-Cash
E-Invoice Presentment and Payment
Online Payment Portal
Accounts Receivable

Managed Services
Managed Accounts Receivable
Managed Accounts Payable
Managed Sourcing
Managed Procurement
Managed Payments

Strategic Advisory Services
Strategic Sourcing Services
Procurement Advisory
Finance Advisory
Digital Transformation

Fleet Solutions
Fleet Procurement/GPO
– Construction and Agriculture
– Material Handling Equipment
Fleet Financing
Fleet Analytics
Fleet Suppliers
Fleet Remarketing

Payments
PayNet
StopFraud™

All Resources
Blog
Case Studies
Datasheets
Infographics
Podcasts
Reports
Videos
Webinars
White Papers

About Us
Our Story
Awards
Leadership
Partners
Press Releases
Media Coverage
Events
Careers

© 2023 Corcentric, Inc. All Rights Reserved.

Terms of Use  |  Privacy Policy  |  Cookie Consent  |  Do Not Sell My
Information



This site uses cookies and related technologies, as described in our privacy
policy, for purposes that may include site operation, analytics, enhanced user
experience, or advertising. You may choose to consent to our use of these
technologies, or manage your own preferences.
Manage Settings Accept Decline All




word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word word word word word word word word word
word word word word word word word word

mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1
mmMwWLliI0fiflO&1