The automotive, aerospace and defence sectors are no strangers to change.
Between the impact of Covid-19 and the growth of industry trends such as electrification, businesses within this space are accustomed to rapid evolution.
The problem, however, is that internal processes rarely adapt in equal measure. In workplaces across the world, old methods of working are continuing to be challenged, and the necessity of modernisation has been made apparent.
To ensure that your business can continue to grow, a future-forward, cloud-based solution is no longer a nice-to-have.
Right now, we’re willing to bet the following rings true for your finance or treasury functions…
Manual processes aren’t just tiresome and demotivating – they create genuine issues, too.
Businesses yet to join the 4th Wave of Banking are reliant on outdated workflows centred around spreadsheets, card readers, and banking portal logins.
Not only do teams around the world waste hours every single day bogged down by these procedures, but they’re opening the door to risk and human error.
Up to 90% of spreadsheets are thought to contain errors, and while a misplaced decimal point here or extra zero there might not seem like a big deal, they’re typically enough to send you into shortfall.
Risk is a huge factor when conducting banking operations – especially if your company is undergoing a period of growth.
While there doesn’t tend to be a balaclava-clad cybercriminal waiting to steal your data as you might imagine, security remains paramount.
And, as your business scales and your banking processes become more complex, the more likely it is to fall victim to fraud, human error, or cyberattack.
By removing manual processes from your workflow and using a pure-cloud solution, you can drastically reduce the influence of cybersecurity concerns in your business.
It’s common for larger businesses in the Automotive, Aerospace, and Defence space to have various factories or headquarters spread across a number of countries.
Although an international presence implies success and opportunity, the downside is the slew of complications created for your finance and treasury teams.
Not only can international payments be tricky, but your cash will likely be in several currencies, and each subsidiary housing it will utilise different back-office systems.
This means that it’s near-impossible to establish a concrete global cash position, preventing strategy and forecasting.
Given the industry’s fast-moving nature, there’s never been a more vital time to modernise your banking operations.
Thankfully, AccessPay is here to help.
We bring order to your finance and treasury functions, acting as the glue between your banks and ERP systems. With a fully-automated, cloud-based solution, you can wave goodbye to those pesky spreadsheets and tiresome manual processes for good.
Our solution can be as invisible as you need. We can offer full integration behind the scenes, or, if you’re in need of a more consultative approach, our team of in-house experts are always on board to find a tailored solution that best fits your needs.
Not only this, but our Cash Management solution provides total transparency of your business’s funds, compiling your balances from across the world. With AccessPay, you can see your global cash position, regain control of your banking operations through risk mitigation, and optimise your spending with the availability of richer data.
Complete with HSM, Host-to-Host, API functionality and more, there’s simply nothing more your banking operations will need.