70% of CFOs Are Automating Accounts Receivables, Payables to Increase Customer Lifetime Value
The pandemic’s disruption to the global economy has highlighted the value of keeping strategically engaged chief financial officers (CFOs) connected with their companies.
For starters, the pandemic accelerated digitization throughout corporate financial operations, speeding up payments and strengthening customer relationships. Digitizing payments is helping many organizations continue to operate smoothly, meeting customer demands despite the disruption while lowering operating costs.
That’s why most CFOs consider accounts receivable (AR) and accounts payable (AP) digitization as crucial to increasing the lifetime value of their customers. In fact, 70% of CFOs said they are digitizing AR/AP for that reason, according to The Strategic Role Of The CFO, a PYMNTS and Versapay collaboration.
Improving Customer Experience
In addition to digitizing AR/AP processes, more than half of the CFOs said they are making AR/AP more transparent (70%) and making AR/AP more efficient (61.5%). Other actions taken to boost the overall lifetime value of customers include securing customers’ financial information, making AR/AP more understandable, offering new payment terms, protecting customers’ financial privacy and educating about the importance of AR/AP.