The growing sophistication of cyber-attacks has made it clear that even corporations with savvy prevention and protection systems are vulnerable. Cyber security is not just an IT issue but instead a cross-functional concern for the digital enterprise that requires attentive executive- and board-level surveillance. It also requires the involvement of key functions, particularly finance and enterprise risk management (ERM).

It’s almost 2017. The accounts payable (AP) manager has an abundance of technology innovations from which to choose to make the process run faster, better, and cheaper. For example, there are workflow automation solutions that help to reduce duplicate payments, late payments, strengthen internal controls, and support audit efficiency.

Three quarters of finance executives who responded to a recent APQC survey are engaged in some form of finance function improvement. Unsurprisingly, CFOs want finance to push for greater cost-efficiency. That campaign will never end, especially as finance moves stridently toward robotics and various process innovations in the realm of transaction processing.

When an overwhelming majority of finance executives say they want to be sure their financial process costs are in line, I can’t help but wonder if I’ve stumbled into a time warp. APQC has been tracking these efficiency metrics for many years. CFOs and corporate controllers in the U.S., Europe, and Asia have been leading finance improvement initiatives for well over a decade. So, why are the world’s largest companies still hard at it?