The 2020 economic contraction and related market pressures have in most cases downsized budgets, forcing CFOs and senior business leaders to prioritize spend that sustain growth objectives. We believe leaders who are aiming to reduce inefficiencies from their finance techstack will want to read this Hype Cycle from Gartner to understand the maturity and benefits of a range of available technologies.
Kyriba has identified several key aspects of the Cash Management Solutions (16-17), including dynamic discounting, supply chain financing, supplier early payment programs and direct payments; and AP Real-Time Auditing (19-21), or tools that detect fraud, errors, overbillings, and other issues that cause organizations to pay invoices and expenses erroneously in real-time in this Hype Cycle that are particularly compelling for the following reasons:
- Digitization is rapidly propelling the adoption of digital solutions to stimulate growth for governments, multinational corporations, and regional organizations.
- Payments solutions that enable visibility, efficiencies, and high adoption will support buyers and suppliers in the short and long term - giving buyers who adopt these technologies greater advantage.
- Fraud has increased more than 100x since March of 2020. Governments and MNCs who lack real-time auditing may be more easily targeted by phishing scams regardless of IT firewalls.
According to the Report: “Suppliers have a desire to take more control of their cash and are willing to explore options for payments.” 1 Per our understanding, Real-time AP auditing solutions that offer fraud controls while maximizing visibility into payments anomalies are a benefit to organizations looking to scale their operations.
In both these scenarios, we believe Kyriba has developed innovative solutions that finance leaders should consider along with the Hype Cycle report.
[1] Gartner, Hype Cycle for Procurement and Sourcing Solutions, Micky Keck, Patrick Connaughton, Kaitlynn Sommers, 31 July 2020
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.
Fill out the form to receive the Gartner Report.