TRENDRAPPORT
Digital Transformation Finance & Procurement 2024
Whereas digital transformation was previously something mainly for pioneers and daredevils, anno 2024 it is an absolute must-have for every organization. Challenges such as rising costs and staff shortages are forcing organizations to look for ways to work more efficiently. Automation plays a crucial role in this. What is the state of digital transformation in finance and procurement departments in the Netherlands?
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Many invoices paid late
Companies still do not manage to pay all incoming invoices neatly within the agreed payment period. Payment is therefore often late. About one in three companies cites the approval process taking too long as the main reason for late payment.
Invoices received: PDF remains undefeated number one
The most common form of invoice is still the PDF. Slowly, e-invoicing seems to be gaining a little ground, especially among large companies. This year, the share of pdf decreased by 4% and the share of e-invoices actually increased by 5%. However, theDutch business community has still not said goodbye to the paper invoice.
More focus on efficiency, less focus on compliance
Some 60% of finance and procurement professionals feel there is sufficient focus on getting indirect spending under control. Increasing efficiency is the most important goal in improvement projects, followed by gaining purchasing advantage. Compliance and bringing procurement under management are lower on the list of priorities this year.
Trends and developments in Finance and Purchasing
The tight labor market still grips Dutch companies anno 2024. Both financials and buyers point to the tight labor market as the development that will have the most impact on their daily work this year. Furthermore, both professionals see different developments. Almost half of procurement and finance professionals at large companies expect their work to be different in 5 to 10 years.
Full trend report available for free
Want to learn more about how corporates and mid-sized companies have set up their Purchase to Pay process and the implications for Procurement and Finance? Then download the full trend report for free.
