Regarding process improvement, there are many initiatives that CFOs and treasurers can tackle to increase efficiency and optimize performance. One such initiative is automating manual processes - an area particularly relevant for Accounts Payable (AP) teams. By automating manual and paper-based processes, AP teams can gain greater efficiencies and improve their overall performance. In addition, automating AP processes can help to increase controls and compliance around company spending. As more companies look to transform their operations digitally, AP automation will become an increasingly important part of the process.

Automation is critical for any organization doing business internationally.

CFOs have the power to connect with any bank around the globe via industry standard protocols like SWIFT. This connection allows for optimized communication management across all internal systems within your organization. Bank connectivity solutions provide the flexibility to connect with multiple banks and easily send and receive payments. These solutions also offer the ability to leverage pre-built connections between banks and other financial institutions. Cloud platform vendors like Serrala offer a central platform that easily integrates bank connectivity solutions. This allows CFOs and treasurers to manage their bank relationships more effectively and efficiently. In addition, bank connectivity can help improve Straight Through Processing (STP) rates and dramatically reduce the cost of manual processes. As CFOs continue to look for ways to optimize their organizations' operations, payment modernization and automation will become an increasingly important part of their strategy. SAPinsider recently sat down with Thomas Keim, Principal Solution Architect at Serrala, to provide insight on this critical topic within our SAPinsider community. Read the Technology Insight article here. Watch the video of the conversation here: