Research Provides an Understanding of Current and Future Plans, Sentiments
Around Data Strategy, Capture, Outcomes

HAMILTON TOWNSHIP, N.J., Sept. 10, 2024 /PRNewswire/ -- Global economic uncertainty is positively impacting how B2B order-to-cash processes are viewed by finance leaders, and generative artificial intelligence (AI) is optimistically viewed by a majority of CFOs as having a major impact on day-to-day financial activities, according to a new IDC InfoBrief study* commissioned by B2B order-to-cash software and digital payments market leader, Billtrust.

Conducted by global market analysis and advisory firm IDC, the research provides an understanding of the depth of current and future plans, as well as sentiments around data strategy, data capture, and data outcomes in the B2B order-to-cash sector as identified by key stakeholders.

Other findings include:

• 83% of respondents indicate that digital transformation across their order-to-cash processes is critical to their organization's survival vs. 77% in a 2023 survey.
• CFOs see the digital transformation as a much more critical issue compared with the overall survey respondent pool. CFOs are more likely to see technology as a bridge to the future.
• CFOs are more optimistic about AI than others, with 66% of CFOs believing that it will have a major impact on day-to-day financial activities versus 59% of total respondents.
• 84% of respondents agree or strongly agree that generative AI will help them do their jobs faster.
• The CFO's role has gained in importance with 87% of survey respondents agreeing or strongly agreeing that current economic uncertainty has "significantly" elevated the CFO's importance to the organization.
• 68% of respondents indicated that payment acceptance costs are a concern for their organizations.
• 57% of respondents agree or strongly agree that the lack of order-to-cash modernization has had a negative impact on their ability to attract and retain financial employees.
• Vendor expectations are shifting in the order-to-cash space, and users expect vendors to integrate the latest advanced technology and to help them find ways to maximize its impact.

"The study underscores a pivotal moment for finance leaders, as they recognize the transformative power of digitalization and generative AI in their B2B order-to-cash processes," said Billtrust CFO Bob Purcell. "With an overwhelming majority of respondents affirming the critical nature of digital transformation for their organization's survival, it's clear that the role of technology in finance is more significant than ever. At Billtrust, we are committed to leading this charge, empowering finance teams with AI-driven solutions that not only streamline operations but also drive strategic decision-making and foster resilience in the face of global economic challenges."

"Our findings highlight the critical role of digital transformation in the order-to-cash process, particularly in these times of economic uncertainty," said Kevin Permenter, Research Director, Financial Applications at IDC. "As businesses grapple with the challenges of cash flow management, the study reveals a strategic focus on leveraging technology to boost efficiency and optimize operations. The enthusiasm for generative AI among CFOs is a testament to its potential to revolutionize financial activities. It's clear that as we move forward, the integration of advanced technology in the order-to-cash space will not only be expected but will become essential for competitive advantage and organizational adaptability."

IDC's Billtrust Global Order-to-Cash Study Survey on data in the order-to-cash market segment was fielded in March 2024 to 617 business, project and IT executives.

*Results were published in the IDC InfoBrief, sponsored by Billtrust, AI Pushing the Boundaries of What's Possible for OTC, doc #US52446224, August 2024.

About Billtrust
Finance leaders turn to Billtrust to get paid faster while controlling costs, accelerating cash flow and maximizing customer satisfaction. As a B2B order-to-cash software and digital payments market leader, we help the world's leading brands move finance forward with AI-powered solutions to transition from expensive paper invoicing and check acceptance to efficient electronic billing and payments. With more than $1 trillion invoice dollars processed, Billtrust delivers business value through deep industry expertise and a culture relentlessly focused on delivering meaningful customer outcomes.

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SOURCE Billtrust