Blog / Purchase-to-pay
Digital Transformation in the Nordics
In our last blog, we looked at how improved technology and processes can help organisations turn their backs on wasteful, paper-based processes and achieve greater success. While some organisations throughout Europe take their first steps towards digital transformation, the journey is well under way in the Nordics.
Digitisation is a central priority for senior management in many Nordic board rooms. There, conversations focus on disruption – what new things can companies achieve with technology? In practice though, current projects could go much further. According to a report by Accenture, most organisations in the Nordics have started digitising internal processes, but there’s still a long way to go before their transformative ambitions are realised.
Rare for Nordic businesses to rely on paper-based processes
Instead of being revolutionary, digital projects appear to have helped organisations reach a comfortable level of evolution and then stopped there. Although this has had some benefit in helping them to move past outdated and wasteful practices – it’s now rare for Nordic businesses to rely on wasteful, paper-based processes – organisations are yet to reach the level of digital maturity that will truly drive their business forward. According to Microsoft, this approach is resulting in “sporadic initiatives with limited results.”
Digital transformation in the Nordics: untapped opportunities
Once the most wasteful and outdated processes have been eliminated, how much further can we go? Let’s look at some of the untapped opportunities that can still be harnessed in the Nordics.
The right technology can lead to a scalable and future-proofed organisation. While many organisations have taken a step in the right direction, there may be a more modern flexible solution that can integrate with current systems and those that may be introduced in the future.
Achieving cohesion across the business. Solutions that harness and make sense of the vast amount of data that organisations generate and work with will help them to fine tune their processes even further. For example, this data could be used to inform the Chief Financial Officer that a certain supplier gives excellent value and helps the organisation to achieve its goals, despite charging a little more than competitors.
Many organisations in the Nordics have started to implement systems that help to simplify purchase-to-pay. While these are better than paper-based solutions, many still require a great deal of manual intervention. Next generation solutions automate many of the processes that take time. Instead of continuing to go through many touch points to match invoices to purchase orders, for account postings and to copy and paste data into multiple systems, next generation solutions take these tasks off your accounts payable department’s hands.
New technology in purchase-to-pay
The latest purchase to pay technology can offer flexibility, integrate with existing systems and scale to encompass future capabilities and keep pace with constant change.
Palette’s solutions are designed to help organisations deal with today’s changing environment, and with the future in mind. You can read about their next generation capabilities here.