Mohammed Amer, Vice President and Regional Manager at Xerox MEA, speaks of how digitized financial management is key for enhanced efficiency, and the importance of digital financial solutions moving forward.
Advancements in technology over the years have helped make our lives easier; from digital payments to online collaboration applications, we save a lot of time and effort using the ample technological services available at our fingertips. Therefore, it only makes sense that our digital transformation efforts are constantly evolving. Certainly, the pandemic played a role in accelerating these efforts. Back in March, businesses began relying on technology to ensure their employees’ productivity outside the office. Looking at the business landscape today, one can easily tell that almost all areas of the business infrastructure have gone digital, and the remaining areas are heading in that direction.
Financial management is arguably one of the most important areas of businesses’ infrastructure. Planning, organizing, and controlling the financial activities is crucial for directing business investments. Incorporating digital services in the equation is a recipe for efficiency, indeed! Digital financial solutions can enhance financial management; since with greater digitization and simplification, businesses can modernize processes, speed up payments, enhance financial performance and maintain security and regulatory compliance.
Account Payable employees, for example, can drown in paperwork if they do not incorporate a level of digitization. The daily flood of invoices makes it easy for mistakes to be made; from lost documents, duplicate payments, compliance gaps, late payment penalties, and that’s not to mention the constant threat of fraud. On the other hand, digital account payable services can securely accelerate and automate invoicing and payments.
By streamlining paper processes with digitization, businesses can eliminate human error, drive down costs and achieve a 30% productivity increase. When businesses migrate to digital account payable, they can seamlessly capture paper and email invoice information, automate the extraction of key data and e-invoice processing. Xerox Accounts Payable Services is a package of capabilities tailor-made to suit companies of any size. We have identified the core issues and complexities that cause problems, and directly aligned functions to address them.
Moreover, there are several technologies that redefine the way employees deal with content with the help of AI and machine learning. For example, Xerox Capture & Content services can automatically capture and validate the information from any medium (whether paper or digital), and any source (whether scanned in or captured digital-native) to feed important data directly into the processes that need it.
In this day and age, time is a precious resource. Organizations need to accomplish more, faster, now than ever before. There is no time for employees to shuffle piles of paperwork and file papers in their cabinet drawers. Employees are in need of digital services that will allow them to save time and effort. Incorporating digitization and technological advancements has a direct effect on the efficiency of employees. Instead of looking through piles of paper, they can save plenty of time by searching for the required document with a click of a button.
