Corcentric Q & A: What to expect in 2023

As we move forward in 2023, it’s only natural that we contemplate what’s to come for the source-to-pay and order-to-cash landscape in the year ahead. With inflation, supply chain issues, and other disruptive factors expected to persist, how will companies prepare? What technology will rise to the top? Some of Corcentric’s thought leaders weighed in on the topic. Here’s what they had to say.

Fritz Smith, Chief Revenue Officer

A big change I see coming, as a function of Covid, is a level of operational efficiency we have not seen before. For example, something as simple as a QR code was regarded as being novel or unusual and now it’s becoming a general practice because people have realized they can access the same information without going down the path of paper. The QR code was available technologically but is now in practice because of Covid.

I’d also say to look at some of the strategies airlines have adopted in terms of touchless payments. You can order food and drinks in your seat without having to exchange cash. These technological innovations have been in place but it’s interesting how a pandemic has led to various industries expressing new levels of efficiency.

Dave Lindeen, Senior VP of Sales, North America

I think the biggest thing that will happen is there is going to be a lot of interest in alternative sources of funds. Inflation is happening and everyone is going to be really tight on receivables and cash and I think more and more companies will be open to looking at Managed AR services. This type of offering guarantees DSO and I think you’re going to see an uptick in its adoption.

Manish Jaiswal, Chief Product Officer

The pandemic accelerated automation and digitization which will continue and become more and more streamlined in the industry. In the coming years, new technologies, especially Artificial Intelligence (AI) based solutions, will play a key role in solving business issues versus just being a mere technology proof of concept.

Nina Doherty, VP of Sales, North America

Within the payments space, I see that companies are finally ready to pull the trigger on fully digitizing payments. We refer to the part of payment where you execute as the “last mile”. Many companies have automated their back offices but have not automated and digitized that process, and I think that is key and a trend we will see.

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