Journal, OpusCapita’s international customer magazine aims to always inform its readers about the topical issues and interesting trends in financial processes, to discuss the future challenges and possibilities for companies and to share the insights of renowned visionaries and experienced experts with its customers. The magazine has been published continuously for 15 years.
Redefining purchase-to-pay into an integrated, automated and digital process, from sourcing to paying, expands horizons for corporate CFOs and CPOs, both of whom are reaching for overall control and compliance. “Creating a seamless experience requires expertise from all sides of the corporate trade,” says Stephan Albers, Head of Buyer-Supplier Ecosystem Products at OpusCapita.
PEPPOL might be reaching tipping point as the standard in Pan-European e-invoicing and e-procurement. Journal had a brief Q&A with experts in the area to find out about the key benefits of the PEPPOL network and to learn how PEPPOL will advance in the coming years.
“What people today call disruptive technology due to the rapid digital development I would rather regard as a leap in an ongoing evolution,” says Thimon de Jong. He shared his rational and pragmatic view of the effects of digitalization in business and private life with Journal.
Through digitalization banks and the entire financial sector are facing major changes that drive new business models. Anders Borg, the former Swedish finance minister and current chairman of the World Economic Forum's Global Financial System Initiative, calls Bitcoin and other digital phenomena an “Uberization of the banking sector”.
Jonas Kjellberg, the former CEO of Skype, is often amazed about how difficult it is for the big companies to innovate into tomorrow’s delight – into the future success that is built on the customer experience, and satisfaction that is driven, for instance, by the features in a product or a service that are unique, compelling and new to the market.
“The digital age is raising the same issues in business-to-business interactions that have been afloat for years in the consumer world,” says Jesper Ritsmer Stormholt, Head of Global Sales and Marketing at OpusCapita. Companies that truly embrace digitalization end up re-architecting their processes. Read more in his blog!
Accounts Payable (AP) is one of the most attractive business processes for fraudsters to target, as it is the process where your cash actually flows out of your company. Are you in control of what happens in your AP?
Robotic Process Automation (RPA) and quickly developing Intelligent Automation with machine learning and Artificial Intelligence (AI) is that they are creating a whole new automation culture in companies. At first they may seem too theoretical or technical to approach, but actually these technologies are quite easy to understand and relate to!
A company with more than 200 years of history in industry, Valmet decided to build a harmonized global infrastructure for vendor payments and for processing customer payments and bank accounts in its Financial Service Centers in North America and Europe. A cloud-based payment solution with global bank connections is the new backbone for its payment management.
The overdue sales invoices in your accounts receivables can make you grimace. Collecting late payments is a task that most companies embark on hesitantly, and would rather sweep under the carpet. By changing your perspective and making debt collection a seamless part of your efficient order-to-cash cycle, you will see a lot more happy faces, both in your company – and in your customer companies, too.
We all know about ecosystems. Most of us, or the women at least, also know about the little black dress that was introduced by Coco Chanel in the late 1920s and that has been reinvented every decade ever since. Connecting these two is not as far-fetched as you might first think. Chanel’s ‘Petite robe noir’ is the icon of Chanel’s disruptive clothing philosophy, which totally revolutionized women’s fashion and clothing industries.
Governments have a crucial role in building the infrastructure for digital economy and speeding up its development. The State Treasury of Finland has collaborated with OpusCapita for well over ten years in building electronic invoicing processes. “The digital transformation of our financial management will play a major role in the digitalization of Finland’s public administration in general,” says Mikko Kangaspunta, Head of Division, Financial and Personnel Administration, State Treasury.
How did the global financial crisis affect supply chains? And what are the biggest challenges that the procurement functions of international corporations need to be prepared to mitigate in the future? OpusCapita Journal interviewed a specialist in this area, Daniel Weise, Procurement Expert, Partner & Managing Director at Boston Consulting Group, Düsseldorf.
“The world has been highly dynamic and volatile over the last decade, and we have witnessed dramatically different developments in different regions and in different industries. The crisis mode seems to be going from one country to another almost overnight – just remember the financial crisis in Greece, the Ukraine/Russia conflict and the resulting sanctions, or the stalling growth of China,” says Procurement Expert Daniel Weise.
To succeed in the new, networked economy, corporations need to expand their view outside their own walls – to interaction and above all to high-quality relations. “I believe many companies have a vast amount of learning debt. The gap between those companies that are already utilizing the new opportunities and those that are only thinking about their digital strategies is growing all the time in leaps and bounds,” says Kilpi.
The current industrial age ideal where people are experts in one field is likely to be replaced by expertise in two or three fields. This will be a challenge for the educational systems as well as companies’ skills development.
Janeka Rauva, CFO of Tallink Silja Oy, explains that the transformation of knowledge work equips the finance department with improved tools that truly support business operations, which has always been the role that modern financial management has wanted to achieve.
The CFO has become a manager of change.
In order-to-cash, cash is king. The faster a company can turn a customer’s order into cash on hand, the better. But wait – isn’t the customer supposed to be king? Delivering a superior customer experience along the order -to-cash chain is crucial to maintain the good customer relationship, to generate new sales and to gain a good reputation.
The possibility to adjust the collection activities to each customer’s individual situation was a decisive factor when Ahlsell, the Nordic region’s leading technical trading company, chose its new debt collection service provider in Sweden.
The lack of low cost working capital, lengthening payment terms, pressure to raise procurement prices – all make it difficult for the wheels of the supply chain to run smoothly. To decrease the friction, the postal and logistics services provider Posti Group launched a supply chain finance program in cooperation with OpusCapita.
When Posti Group made the decision to launch the supply chain finance program it also looked into the traditional supply chain finance solutions offered by banks. After comparing the options, Posti chose OpusCapita as its partner for many reasons.
The wheels on the trucks go round and round… The director of the transport company specializing in contract and food deliveries explains that it is also very important for the cash to circulate in the transport sector, especially as purchasers’ payment terms to suppliers have lengthened in the sector in general over recent years.
OpusCapita participates actively in developing the interoperability of e-invoicing ecosystem and driving the implementation of compliant public policies and harmonized standards.