Critical.
Authoritative.
Strategic.
Subscribe to CIO Magazine »

Australian CFOs embrace pay automation

Cost cutting and supplier stability less of a priority, according to an international survey

An international survey of chief financial officers (CFOs) has found that 84 per cent of Australian finance executives surveyed are planning to use invoicing and purchasing automation over the next 12 months. The CFOs have the highest level of confidence in their own company performances compared to the USA and Europe.

The cost of control report, released this week by Basware, is based on responses from telephone interviews with 550 financial executives worldwide; including 50 from Australia.

Other findings from the report suggest that while raw cost cutting is important to CFOs globally, there is a greater focus on improving profit margins and increasing investment. And they view collaboration between departments as being low, according to Bassware ANZ division manager, Sandy Gellan.

"Only 40 per cent of Australian respondents believe they achieve a good standard of collaboration within their businesses. Recognition of this challenge is manifesting itself in an increase in integration and automation of purchase-to-pay systems and processes," Gellan said in a statement.

Gellan also said that finance and procurement departments could share responsibility for cost and risk reduction by presenting a more united front.

"The important of collaboration was supported by the participants, with a clear correlation between successful collaboration and high confidence in company performance," she said.

Join the CIO Australia group on LinkedIn. The group is open to CIOs, IT Directors, COOs, CTOs and senior IT managers.

More about: ANZ, Basware

Comments

Post new comment

The content of this field is kept private and will not be shown publicly.
Users posting comments agree to the CIO comments policy.
Login or register to link comments to your user profile, or you may also post a comment without being logged in.
Related Coverage
Related Whitepapers
Latest Stories
Community Comments
Tags: Basware, CFOs, purchase-to-pay
Latest Blog Posts
Whitepapers
  • Synergy gains sustainable competitive edge with HP printers, services and solutions
    Western Australian electricity retailer Synergy signed a four-year HP Smart Print Services agreement to establish an efficient and sustainable imaging and printing network which reduces waste and the organisation’s environmental footprint, without compromising on quality, reliability or security. Read more.
    Learn more »
  • Mobile Security: Don’t leave employees to their own devices
    No organisation can afford to ignore the rising march of consumer devices in today’s workplace. But neither can they ignore the risks that consumerisation brings. Companies must adapt IT and security strategies accordingly, balancing the needs and demands of more flexible work models with the often thorough information security safeguards that were implemented to protect the business in the first place. Fortunately, there are ways of doing just that and achieving a balance that works for all concerned.
    Learn more »
  • Oracle Business Process Analysis Suite
    Careful analysis and continuous optimization of business processes delivers real competitive advantage. Conversely, a random approach to process design negatively impacts a company’s bottom line. This insight is one reason successful companies adopt business process management (BPM) as a way of aligning their business processes with business and customer requirements. Success with BPM eliminates the gap between business strategy and implementation. Business users are empowered to participate in all stages of the business process lifecycle. Closed-loop integration between modeling, execution, and monitoring enables continuous and holistic business process improvement.
    Learn more »
All whitepapers
rhs_login_lockGet exclusive access to Invitation only events CIO, reports & analysis.
Recent comments