- Nathan Ollier, CEO at Open ECX
- 10.06.2025 08:45 am
#InvoiceAutomation #FinanceLeaders
Amid ongoing economic uncertainty, finance leaders are under mounting pressure to boost efficiency, reduce spend, and improve financial resilience. Yet outdated invoice processing systems, especially those reliant on legacy OCR technology remain a major source of friction that is compromising supplier relationships, jeopardising internal relationships with employee talent, and contributing to avoidable inefficiencies across finance functions.
Many organisations are now reviewing their processes, seeking to implement the latest technologies that can help them achieve better operational efficiency. But the potential gains can also help drive a more holistic strategic benefit that can help financial leaders achieve more of their wider goals, including more harmonious and effective supplier relationships, reduced risk, and enhanced talent attraction and retention for a more sustainable future.
Safeguarding supplier trust
A critical function of Accounts Payable (AP) is to build and maintain strong relationships with suppliers. Implementing processes that ensure accurate and on time payments is important for maintaining a consistent, reliable supply chain. But all too often problems can aggravate these relationships. When the government launched its new Fair Payments Code in 2024, research showed late payments were costing small and medium-sized businesses on average £22,000 per year each. Automating invoice payment processes can help ensure late payments are a thing of the past, and also reduce or even eradicate instances of errors and omissions that lead to payment delays. Our own recent business survey revealed over one-third (35%) of AP professionals had to manually intervene in the processing of at least 60% of their supplier invoices, potentially straining the supplier relationships while suppliers wait for things to be sorted out.
Reducing risk
Beyond maintaining trust and easier interactions with suppliers, issues with the supply chain can cost a customer organisation dearly. The government’s evidence shows that poor payment practice led to around 50,000 business closures annually. This is potentially ruinous for others in the supply chain, particularly at times of shortages, transportation challenges, and for organisations that depend on specific suppliers of unusual or hard-to-source materials for their own business success. Protecting supplier viability is crucial for facilitating a reliable supply chain that in turn, delivers output and income stream from customers further down the line.
Helping to attract and retain talent
Our survey found attracting and retaining talent was the number one challenge leaders sought to overcome this year, surpassing other pressing concerns including achieving cybersecurity and regulatory compliance. More than one-third (35%) told us their AP team in particular was struggling with reducing its high staff turnover. Technology can do much to help elevate the employee experience, Implementing the most effective and powerful technology solutions for financial processes not only leads to faster, error free output and higher productivity for teams, but also creates a more professionally satisfying and fulfilling environment for talent. Finance professionals should have better things to do than get bogged down in arduous, repetitive corrections and manual checking when accurate, effective, touchless solutions now exist.
The overarching goal for finance leaders is to drive both immediate and longer term financial sustainability for their organisations. Those that invest in the most effective automated technologies will attract and retain the smartest, analytical and strategically-focused finance talent, giving them a considerable edge over competitors. Combining the professional skills of their teams with the power of automated process technology can help ensure optimum productivity for greater profitability, as well as building a level of efficiency that satisfies key suppliers and reduces risk. Modern, designed for purpose finance technology is the basis for an effective long-term strategy towards financial sustainability, now and into the future, despite economic uncertainties.
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