By now it should be clear that a lot of things need to change if we want to avoid a climate emergency and all the downstream effects it will bring with it. And since these downstream effects will also affect businesses, the responsibility to take action lies on everyone’s shoulders. Governments and institutions are rolling out more and more regulations for sustainability measures such as the CSRD by the European Commission, and organisations are required to implement these. This is often easier said than done.

At Esker, we embarked on an ESG journey a few years ago and have, in the meantime, implemented several policies to reduce our carbon footprint. One factor remained difficult to gauge, however: the supplier side. In France, for example Esker requests its suppliers to sign a Code of Conduct, which addresses the main ESG aspects such as corruption, fair labour practices and environmental considerations. For our own ESG performance data, however, it was challenging to quantify the impact the procurement side of our operations had.

Since we’re not alone in this dilemma, we decided to make it easier to track a supplier’s ESG performance indicators, not just for ourselves, but also for our customers. Esker Supplier Management now displays risk rating panes that indicate downgraded or upgraded ESG scores, which allows you to verify that ESG standards are met before engaging with a new supplier. It also enables continuous tracking of the ESG score in real time, so that you can rest assured that your supply chain meets the defined standards.

Starting in 2024, the EU’s Corporate Sustainability Reporting Directive (CSRD) requires mandatory reporting of ESG metrics for a number of European businesses. To prepare for these requirements, Esker developed AI-supported capabilities that extract energy consumption from utility bills and travel expenses. This feature will make meeting the reporting requirements much easier.

The recent Forrester report “The Environmental Sustainability Procurement Technology Landscape, Q3 2023” gives clarifying insights into how to work with vendors of solutions that are meant to track an organisation’s carbon footprint. We are excited to be mentioned as a Notable Vendor. The features in Esker Supplier Management assist in reducing the complexity of ESG reporting and in managing compliance with ESG regulations, of which many more are expected to be implemented in the near future. We are happy to be considered part of the solution for the huge challenge that humanity is facing.

Feel free to contact us! We’d be happy to discuss all things ESG with you, and help you figure out how Esker can help.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

This is, for some people at least, one of the most dreaded questions in a job interview. There’s no obvious right or wrong answer, and whether the answer ‘fits’ depends on the — often mysterious — inner workings of the company you’re interviewing at.

But for a company, this question is an inevitable consideration for the business plan. And, naturally, it’s not limited to five years, either.

When considering Source-to-Pay automation for your business, you obviously want to go with a vendor that is experienced and offers mature solutions that are ready to get up and running as soon as possible, yet should also provide scalability so that you can easily plan for the next two, three, five or ten years.

Gartner® Hype Cycle reports reveal emerging technologies that have the potential to disrupt industries and spot investment opportunities that can give you a competitive edge. According to Gartner, “Hype Cycles provide a graphic representation of the maturity and adoption of technologies and applications, and how they are potentially relevant to solving real business problems and exploiting new opportunities”.

Which is why we are excited that Esker is listed as a Sample Vendor in three technology categories in the 2023 Gartner® Hype Cycle for Procurement and Sourcing Solutions: AP Invoice Automation, Supplier E-invoicing and Source-to-Pay Suites. According to Gartner, solutions such as Esker Accounts Payable, Esker Supplier Management and Esker Sourcing are well on their way to reaching the Plateau of Productivity.

Esker’s automation solutions not only help your business run smoother and provide visibility now, but with our continuous dedication to innovation and listening to customer feedback, we’re convinced that you can nail down a pretty solid business plan for the next 5, 10, or even 15 years.

Companies worldwide trust Gartner Hype Cycles to guide their technology decisions.

Access your complimentary copy to learn why Esker was recognised as a Sample Vendor.

Gartner, Hype Cycle for Procurement and Sourcing Solutions, 2023, By Kaitlynn Sommers, Micky Keck, Lynne Phelan, Naveen Mahendra, Cian Curtin, Chaithanya Paradarami, 19 July 2023
GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, Hype Cycle is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved.
Gartner does not endorse any vendor, product or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s Research & Advisory organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

Aaaaahh…the end of summer…
The tan and the relaxation are slowly fading, the good memories hopefully not.

How about those memories of actually booking that vacation, though? Did the booking process overshadow the enjoyment of the trip?

First, there’s the lack of visibility: the different providers for airline, airport transportation, hotel, car rental, etc., can get confusing. You never really have a clear overview of whether prices are fair or what the real costs are (baggage fees, anyone?). Sneaky hidden costs can make for a rude awakening when the bank statement arrives after the trip…

Then there’s the question of risks: is the hotel in a safe area? Is the hotel pool unexpectedly out of service?

Are you aware of all the rules and regulations of where you’re going? Is the passport valid?

What happens when something goes wrong, like a cancelled flight? How is the rebooking best handled?

All in all, not the most relaxing way to go about taking a vacation. But we hope you had a great time anyway!

Now, to turn your attention back to work (sorry…!): If you’re a CFO or work in a CFO-adjacent function, the travel difficulties can also be applied to the source-to-pay (S2P) cycle.

Let’s look at some of the challenges frequently faced in the S2P cycle, and how comprehensive automation solutions can help with those:

• Do you have sufficient visibility and control over procurement activities?

In order to effectively manage spend, procurement needs to be transparent. S2P platforms provide thorough spend analytics so that cost-saving opportunities are quickly identified and expenditure patterns easily tracked while ensuring compliance with budgetary guidelines.

• Are risk mitigation and compliance metrics where they need to be?

Robust features of S2P solutions such as automated contract management and supplier risk assessments let you proactively identify and mitigate potential risks, enforce compliance with regulatory standards and ensure adherence to internal policies.

• Are you and the business’ vendors on the same page?

Effectively managing suppliers is a fundamental part of business success, yet it is a complex process involving multiple steps. S2P solutions can help facilitate effective supplier management by enhancing communication, collaboration and performance evaluation. Sustainable and ethical supplier practices can be promoted by incorporating strategic sourcing and vetting procedures into the procurement process. And communication tools that provide instant visibility—including performance metrics—ensure better collaboration internally and with suppliers.

• Are the numbers adding up?

Providing valuable strategic guidance to the company relies on informed decisions based on accurate and complete financial visibility. S2P platforms integrate financial data from various sources, and create a holistic view of performance, cash flow and working capital. Comprehensive visibility enables CFOs to assess the financial health of the organisation, identify areas for improvement and drive strategic initiatives effectively.

The idea behind S2P solutions is not just the automation part. It’s also about recognising that finance and procurement have shared objectives and that collaboration between the two can foster a strong partnership that enhances decision-making, optimises costs, mitigates risks, and drives sustainable growth. These factors defy the usefulness of point solutions that allows each department to remain siloed, and instead calls for a single platform solution that can manage the entire S2P process from beginning to end.

Equipped with an extensive collection of AI capabilities, Esker’s end-to-end Source-to-Pay suite enables companies to remain agile in an ever-changing world and to build resilient and sustainable businesses.

Ready to learn more about Esker?

Visit: www.esker.co.uk

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

At Esker we were really pleased to learn that we met the inclusion criteria for the 2022 Gartner® Magic Quadrant Report for Procure-to-Pay Suites the third year running. Providing companies across the globe with a solution that helps them better manage spending and financials is the reason why we go to work in the morning.
What makes us truly ecstatic, though, is the fact that 97% of our customers reviewing us on Gartner’s Peer Insight platform would recommend Esker. This is huge for us, because this means that actively listening and adapting to our customers’ needs results in their work being easier and more effective.

Why do we do what we do?

As the dust is settling on the COVID-19 pandemic years, it feels like it’s a good time to reflect and think about how we started and why.

A multitude of financial factors, such as economic volatility, supply chain disruptions, and peculiar labour market conditions, are, quite simply, the new reality. This means that CPOs and CFOs are under enormous pressure of managing spend and cashflow, monitor policies, and mitigate supplier risks. These broader responsibilities demand more far-reaching visibility and control, too. Operating in siloes is no longer an option.

This is the reason procure-to-pay suites exist in the first place. By automating every step of the process and providing transparency to the stakeholders along the way, they offer the scalability, agility, and flexibility necessary to get through rough economic conditions.

In the 2022 Gartner® Magic Quadrant Report for Procure-to-Pay Suites, we are listed as a strong niche player. This is not a coincidence. Esker does not aim to be a one-stop shop for every company out there. Instead, our capabilities align best with global companies that are looking for a solution to automate indirect materials procurement and APIA process workflows while simultaneously offering a great user experience.

Helping many medium and large companies from around the world with process automation since 2005, we have also been listening to what their needs and wants are. This has enabled us to successfully transition from accounts payable (AP) invoice automation to procure-to-pay (P2P) automation over the years. We have no intention of changing the way we do this, so that we can continue providing the best possible solutions that fit the user expectations.

Why do customers choose us?

Incorporating customer feedback in our solution development process has resulted in solutions that provide useability and efficiency. Esker’s focus on providing a unified, easy-to-use interface to users across the different processes has been a key factor in making businesses the world over choose our solutions.

Customers often mention the importance of good UI/UX design in their selection process. They appreciate the fact that they can easily modify the UI to match their corporate look and feel, as well as Esker’s intuitive interface that enables the solution to be up and running quickly with very little training. All P2P modules are built on one platform, which provides a unified interface as well as native data sharing across the board.

Esker Synergy AI is the combined force of capabilities such as machine learning, data extraction , and predictive coding that do the heavy lifting by removing repetitive tasks and reducing errors. Smarter data lets you make smarter decisions, thereby nurturing a foundation of lasting growth.

The process of choosing an automation solution is not simple, nor is it made for the short-term. Esker’s long-standing, worldwide experience and financial stability give our customers confidence in Esker’s resilience and that we will be around for many years to come.

How does Esker stay aligned with developing market trends?

Longer-term vision for automation is evolving to source-to-pay
In the report, the analysts highlight that companies are increasingly making investment decisions based on a wider source-to-pay (S2P) vision than solely P2P. Esker is well-positioned to offer such an expanded solution suite thanks to the acquisition of a majority stake in Market Dojo, a U.K.-based e-sourcing software start-up, in early 2022. The integration of Market Dojo into Esker’s solution suite is ongoing and will continue to allow us to offer a unified interface across all solutions to our customers.

Risk and ESG concerns
Managing risk and monitoring ESG performance has been and continues to be one of the main areas of focus on Esker’s roadmap. These topics have become increasingly important for employees as well as for investors. For example, third-party supplier risk indicators embedded in our solutions provide customers with the ability to check vendors before engaging with them. They can also receive alerts when there are any status changes so appropriate actions — such as switching to a more reliable provider — can be taken.

Smarter insights for better decision-making
Companies looking to buy a P2P solution are not only basing their selection on the ability to accelerate processing speed and efficiency. They are also looking for capabilities that leverage data to help them make informed business decisions. Esker Synergy AI is constantly evolving to provide advanced analytics — including benchmarks and predictions — to stay on top of insights about spend patterns and recognising savings opportunities.

AP automation is leading the adoption of P2P solutions
The automation of AP processes continues to be a top influencing factor for companies looking to deploy a P2P solution, since managing cashflow in economic downturns is a matter of survival.

AP invoice automation is where many of Esker’s customers started their digital transformation journey. But this transformation does not have to start with a big bang: starting small and expanding when they are ready is an excellent way to ensure that the solution brings the expected ROI.

And not infrequently do we receive feedback that the AP teams are able to look forward to their workday, rather than facing it with dread about what unpredictable issue they might encounter. One of our customers even told us that they can now get a full night’s sleep at month-end closing because they no longer need to be up by 5 am to get all the processing done.

With Esker, the entire financial cycle can be automated, including accounts receivable and collections. Contact us to find out more about working with Esker to make your business run smoothly and efficiently.

To read more about how Gartner assesses our work, read the full report.
Download here.

Gartner, “Magic Quadrant for Procure-to-Pay Suites”, Micky Keck, Patrick Connaughton, Lynne Phelan, Balaji Abbabatulla, November 28, 2022 .

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. This graphic was published by Gartner, Inc. as part of a larger research document and should be evaluated in the context of the entire document. The Gartner document is available upon request from Esker.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

Do you practice gratefulness? If you think about it, it is easy to find things to be grateful for, no matter how small or insignificant they might seem: lunch with nice colleagues, friends with pools (especially on hot summer weekends), and pets that give you love and comfort.

At Esker, one rather big thing we are grateful for is our customers. Not just because they buy the solutions we work on to make them truly useful, but also because they are so happy to give us constructive feedback.

Value creation goes both ways: we try to build the best possible solutions that span the entire P2P process, equipping users with the speed, strategic tools, and support they need to make effective procurement and supplier decisions that will create positive-sum growth. This means that if our customers succeed, it never happens at the expense of any team, individual, or company in their business ecosystem — everyone wins! Hearing about what end-users like and dislike allows us to learn, adapt and improve our solutions and services. We take every opportunity we can to drive innovation and address the current and future needs of the market.

This is why we are beyond thrilled that Esker was positioned in the Strong Performer quadrant in the March 2022 Gartner® Peer Insights ‘Voice of the Customer’: Procure-to-Pay Suites. And it is our customers that put us there!

“The “Voice of the Customer” is a document that synthesises Gartner Peer Insights’ reviews into insights for IT decision makers. This aggregated peer perspective, along with the individual detailed reviews, is complementary to Gartner expert research and can play a key role in your buying process, as it focuses on direct peer experiences of implementing and operating a solution.”

With 98%, as of June 8, 2022,Esker has obtained the highest percentage of end-users that are willing to recommend our solutions to others.

So, to everyone that submitted reviews: we want to say a big thank you! These reviews shape our solutions and the customer journey, and we look forward to continuing to build on this feedback! If you have an Esker story you’d like to share, go ahead and join the Gartner Peer Insights crowd and weigh in.

If you have not had a chance to read the reviews written about our products by the professionals who use them, please see Esker’s Procure-to-Pay page on Gartner Peer Insights.

Download the 2022 Gartner® Peer Insights ‘Voice of the Customer’: Procure-to-Pay Suites.

Gartner, Gartner Peer Insights‘ Voice of the Customer’: Procure-to-Pay Suites, March 30, 2022, By Gartner Peer Contributors.
GARTNER is a registered trademark and service mark, and PEER INSIGHTS is a trademark and service mark, of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.
Gartner Peer Insights content consists of the opinions of individual end-users based on their own experiences, and should not be construed as statements of fact, nor do they represent the views of Gartner or its affiliates. Gartner does not endorse any vendor, product or service depicted in this content nor makes any warranties, expressed or implied, with respect to this content, about its accuracy or completeness, including any warranties of merchantability or fitness for a particular purpose.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

If you like travelling, you’ve very likely had to do the groundwork of figuring out where you want to go and what to do once you’re there. So, you’ve chosen a city you want to visit, but now you need to decide on where to stay, what to eat and see? If the travel section in shops is any indication, chances are you’ll buy a book that has all the information you need to make an informed decision about all of those choices.

Choosing the perfect match for your accounts payable (AP) digital transformation is not much different: you’ll want to get information compiled by people that know the landscape and have tried out and evaluated many of the choices.

There are many options on the market, with little explanation of what to look for in a solution, how to prepare for the transition, or what the right questions are to ask the solution providers. No wonder many businesses do not even know where to start. Luckily, there’s Forrester, a leading IT research firm that has evaluated a number of accounts payable invoice automation (APIA) solution providers.

Forrester’s recent report is recommended reading for finance and tech executives, as it provides an overview of a variety of AP automation providers on the market. The goal is to help you understand the value you should expect from automating the AP process, and will help you select the best fit based on size, geographical coverage and functionalities.

When considering potential vendors, Forrester invites you to “weigh the appropriate combination of AP invoice automation functionality, linkage to related applications that you need, and whether the vendor targets the size of your company, your geography, and your industry¹.”

Esker is honoured to be mentioned in the Forrester Now Tech: AP Invoice Automation, Q4 2021 report. Esker believes this recognition reflects our efforts to provide an efficient and valuable solution that enables companies to grow while engaging employees and building greater collaboration and trust with suppliers.

Our solution allows businesses to alleviate the pains of manual AP invoice processing, powered by AI-driven data capture, automated processes and streamlined workflows — helping companies save time and money while building business resilience.

Consult the Forrester website for more details about the report and contact Esker so we can learn more about your needs and show you why Esker is the perfect match for your AP digital transformation.

Safe travels!

1. Now Tech: AP Invoice Automation, Q4 2021, Forrester Research, Inc., October 4th, 2021.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

Optimising accounts payable (AP) operations or even unlocking additional revenue is an ever-present objective for finance leaders. Technology helping companies digitise the AP process has been around for quite a while, yet, as one of our prospects once said: “everyone has pretty dashboards.” So how do you pick the solution that best reinforces and supplements the existing technology, operations and processes in your company?

The 2021 Gartner® Market Guide for Accounts Payable Invoice Automation Solutions features the various benefits of implementing AP solutions: “AP invoice automation is something that all organisations can benefit from and, in many countries, government regulations make this process easier than ever. Invoice automation allows organisations more flexibility with their cash, reduces late payments, improves supplier relationships, and reduces the cost to process an invoice. A reduction in supplier invoice status enquiries is an additional benefit, which reduces not only AP workloads but also the workload on people raising POs.”

Gartner report provides finance & IT leaders with market trends as well as key solutions highlights, helping them understand how their requirements impact the supplier selection.

In that vein, we are thrilled to be named among the market players in the Accounts Payable Invoice Automation Solutions (APIA) space. We (at Esker) believe that this validates our development and innovation strategy to drive efficiency in our customer’s AP processes and build strong supplier relationships that support future growth.

Esker’s APIA solution uses the power of artificial intelligence and data analysis to do the heavy lifting for jobs such as routing, coding and verifying invoices, or detecting anomalies so that a larger number of invoices can be processed faster and with more accuracy. This, in turn, ultimately helps finance teams to better manage cash.

Gartner, “Market Guide for Accounts Payable Invoice Automation Solutions,” Micky Keck, Balaji Abbabatulla, July 19, 2021.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and is used herein with permission. All rights reserved.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

Esker is thrilled to be positioned in the 2021 Gartner Magic Quadrant for Procure-to-Pay Suites for a second time in a row!

We felt lucky the first time Esker was recognised in the Gartner Magic Quadrant, but this second time — consecutively in fact — gives us reason to think we’re getting things right…Not only does this indicate, in our opinion, that we’re on the right path when it comes to Completeness of Vision, but it also reiterates our expertise and continued worldwide success of Esker’s Procure-to-Pay suite.

Digital transformation has always been a hot topic and key priority for many companies. However, not only did the COVID-19 pandemic speed up the need for digital transformation, but, in fact, it proved that this is an absolute must for any business. Recent events have demonstrated that the overall viability of business partners is crucial, and we are proud of our strong performance despite the recent challenges and the Gartner recognition thereof.

At Esker, we’re committed to offering solutions that span the entire P2P process: equipping companies with the speed, strategy and support they need to improve procurement, vendor decisions and strengthen relationships with their business partners while also creating a positive work environment that helps companies retain talent.

We’re proud to be named in the 2021 Gartner Magic Quadrant for Procure-to-Pay suites, but we won’t rest on our laurels. We will continue to leverage our AI capabilities and focus on the key areas of supplier and risk management while delivering an efficient P2P solution that improves business outcomes for our customers.

Gartner, “Magic Quadrant for Procure-to-Pay Suites”, ” Kaitlynn Sommers, William McNeill, Micky Keck, Patrick Connaughton, October 25, 2021.

Gartner and Magic Quadrant are registered trademarks of Gartner, Inc. and/or its affiliates in the U.S. and internationally and are used herein with permission. All rights reserved.

Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner’s research organisation and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

In this post, we’re going to explore the P2P process in more detail and discuss why digital transformation should be a priority.

What is the P2P cycle?

Simply put, P2P is an umbrella term for the process of requisitioning, ordering, purchasing, receiving and paying for goods or services. It’s a standard component of business operations that typically involves multiple stakeholders, depending on the size and structure of the company.

Enabling a customer-focused approach through P2P automation

The ability to predict change, establish a resilient supply chain and become more customer-focused are key elements in building a modern, successful business.

Operating with efficiency and agility are key for retailers that want to succeed in an increasingly competitive business landscape.

Putting customers at the heart of any business no longer means a singular focus on front-end processes, but instead requires improving the back-end operations. Optimising the P2P processes with automation ensures that the customer-facing operations function smoothly.

A recent report on the subject by Forrester confirms that “as firms become more customer-obsessed, the pace of change accelerates, reaching across the enterprise, its partner networks, and its customers’ ecosystems. As a consequence, the IT operating must itself change with increasing speed, including tech services, capabilities, structure, governance, and leadership.” (Enable Customer Obsession With A Future Fit Technology Strategy, Forrester Research, Inc., August 10, 2021)

Esker’s AI-driven solutions offer visibility and operational efficiency while decreasing time and procedural steps, thereby

• extending control and visibility
• strengthening supplier relationships
• increasing productivity
• engaging employees

The impact of COVID-19 on the retail & consumer goods industry

The challenges for the retail and consumer goods industry brought on by the COVID-19 crisis are manifold: from ensuring the health & safety of staff to supply chain disruptions, cash flow uncertainty and intense fluctuations in consumer demands — all of them underline the importance of maintaining agility and visibility over business processes.

Disruptions in the supply chain have caused many retailers to diversify and turn to more local suppliers. By favouring regional providers, retailers can minimise the risks that often accompany fragile international supply chains. Close collaboration with suppliers furthermore enables retailers to create new and innovative products that address changes in demand and cost structures.

Careful planning for business continuity, the resilience of the digital ecosystem, the flexibility of their supply chain and stable relationships with their suppliers provided by visibility over business processes can equip retailers with the agility to not just react to events but also proactively steer their organisation towards flexible and efficient operations.

Why digital transformation is essential to pivot and scale

Digital transformation is more vital today than ever before. The drastically changing rules of the markets in the COVID-19 era make digital transformation a necessity. To stay competitive in this environment, businesses need to make an effort to adapt to the “new normal”. According to a Forrester report on the importance of business adaptability, “the pace of change has never been faster, and it will continue to accelerate. The most successful organisations will capitalise on this rapid change. Forrester finds that firms with a future-fit tech strategy — most importantly, a strong, adaptive foundation — succeed in the midst of ongoing change by reconfiguring their core business concepts and creating and delivering value to meet customers’ emerging needs and expectations.” (Adaptive Firms Grow Three Times Faster Than Their Industry Peers, Forrester Research, Inc., April 12, 2021)

Currently, only 15% of companies make digital transformation a priority. If predictions are correct, the majority of companies will be moving technological transformation into every part of their business. (Predictions 2021: Digital Business, Forrester Research, Inc., October 29, 2020). This advancement enables fluid and swift supply chains and good vendor relationships, thereby ensuring successful business operations for retailers. Streamlining the back-end processes will increase efficiency and maximise profitability.

The time to automate is now and we’re here to help you navigate it all.

Want to learn more about how digital transformation can help you reach your business goals? Check out Esker’s Procure-to-Pay solution and download this comprehensive and informative eBook.

Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

Read more insights from Catherine Dupuy-Holdich

As has been the case regarding management of the pandemic in general, intra-company procedures and responsibilities will shift as businesses everywhere face pressures from the economic fallout. In order to address potential revenue losses and degeneration of supplier/customer relationships, companies should not shy away from making investments in technology that will help them increase the visibility of both customer and supplier processes.

Companies like Potter Electric Signal, a home security products manufacturer, have realised that by taking a holistic view of their accounting procedures, multiple issues in the company’s finance department could be addressed. “Our company is in a rapid period of growth and we didn’t want to pigeonhole ourselves with a solution that could only do one thing,” says Elizabeth Cassady, VP at Potter Electric Signal. “We ultimately chose Esker over the other solutions we were considering because Esker has a full suite of capabilities that we felt could expand and grow with us.”

Ensuring the company’s cash flow as well as having a complete overview of what is going on underlies every Finance Manager’s job, but today’s highly uncertain environment has added the crucial task of accurately predicting and quickly reacting to changing circumstances.

Read Gartner’s new report “CIO Strategies to Improve Cash Flow in a Downturn”for insights on strategies to support financial decision-makers and help with boosting present and future cash flow.

Esker’s Accounts Payable and Accounts Receivable solutions help businesses automate their entire accounting processes, providing visibility to financial decision-makers on cash inflows and outflows as well as enabling teams to adapt to rapidly changing circumstances.

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Catherine Dupuy-Holdich

Catherine has been with Esker for 20 years. As Source-to-Pay Product Manager, she is the market and business expert of all things S2P. She is responsible for overseeing the development of Esker’s S2P suite, including product strategy and vision. Catherine works closely with R&D, sales, marketing and support to ensure customer satisfaction.

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