With any luck, there will never be another end-of-the-world business shutdown moment like that which was seen in March 2020, where companies large and small were instantly catalyzed to digitally adapt-or-die to a new remote reality all at once.
As part of our 3rd annual Visa B2B Payments Month series, we spoke with 250 CFOs in the retail and manufacturing sectors to see where companies are today in terms of their transformation, but also to find out which of the urgent adjustments they made nearly three years ago were kept, which were gotten rid of — and more importantly, what they’re thinking and where they’re headed today.
While the study found that nearly every CFO did something to digitize at least one part of their business and that this momentum literally disappeared overnight, it also showed that the most common move made was not to digitize payments, but rather, to invest in fraud and risk management.
“I think this is becoming a priority even at the board level and with audit committees that are asking their companies, ‘What are we doing around security and fraud and risk management?’” Corcentric CEO Matt Clark said in response to the survey findings that showed 66% of CFOs in the retail trade and 50% of manufacturing firms took this route.
“Everybody’s seeing in the news, lots of stories and anecdotes where companies are getting hurt, that don’t have the proper controls in place from that perspective,” Clark said of the findings which…
