With the growing complexity of today’s global supply chains, the accompanying financial transactions are also growing in both volume and complexity. This growth is placing more pressure on financial institutions to support secure data exchange for their clients.
Increasing amounts of sensitive commercial data need to be securely moved to enable corporations to manage their procure-to-pay and order-to-invoice processes on a global basis. In fact, Aberdeen research into corporate use of on-demand platforms for procure-to-pay and order-to-invoice processes finds that data security is the top concern of the 180 corporations studied, cited by 64% of respondents1. In addition, 60% said they were also very concerned with how to integrate the data back into their own systems.
Concern about end-to-end data security also extends to the financial community. Data security remains an issue of key concern for 92% of financial institutions that Aberdeen surveyed in May 2007.