Technology Innovation is the Key for Hyper-Growth Businesses

Companies are achieving hyper-growth status through product differentiation. They’re building a brand that matters and implementing the right technology solutions to optimize their business for success.

Innovation has changed the world as we know it. As we continue to evolve, high-growth companies consistently embrace innovative operations and technology to grow infinitely. 

How Innovation Drives High-Growth Companies to Infinite Success

High-growth companies are prioritizing modern technology to solve central pain points and workflow complexities. But how do these innovative companies determine which features they need to streamline their operations? 

They choose technology that is easier, faster, and goes beyond traditional finance capabilities to improve business visibility and operational processes. 

Ease of Use—Automation

Manually processing payments is the most time-consuming finance process. During the pandemic, companies were sinking with slow, mundane processes. Leading innovators actively implemented modern technology to navigate through COVID19. By relying on automation, companies completely streamlined their operations. 

Plus, automation enables companies to work more efficiently. They can scale and take on more projects without hiring any additional headcount.

Another major factor during the pandemic was the inability to manage inconsistent and fluctuating foreign exchange effectively. These high-velocity companies faced the burden of taking currency conversion into their own hands. With automation, finance teams could exchange currency without delays, allowing them to work with vendors on a global scale. 

With automation, businesses can scale effortlessly without putting too much thought into the financial function. Instead, they can shift their attention towards other potential growth areas to optimize their business for scale.

Robust Features—The Ultimate Tech Stack

Robust features show companies exactly where their money is going. Leading companies implement software that provides real-time reconciliation, monitors cash flow, and eliminates excessive spending. 

In addition, fast-growing companies maintain high customer satisfaction. By doing so, they offer world-class customer support and have a high success rate for customer retention. These robust services and features include self-supplier hubs, processing payments quickly & effectively, and navigating through complex workflows in one central location. 

Rapid-Growth—Data Visibility

High-growth businesses are adapting rapidly to unprecedented changes due to the pandemic. And technology provides clear numbers within the organization that allows the finance team to forecast for the future.

Finance leaders use data to build business intelligence. When strategizing, finance leaders forecast what the company needs to prioritize—they actively build controls that analyze potential variances. 

Cutting-edge technology utilizes data that will help businesses improve, grow, and future-proof their financial operations. This data can determine organizational needs, implement long-term goals, and give companies a clear lens on initiatives and projects to solidify their missions.

High-Growth Companies Partner with Tipalti 

While prudence is necessary for an unpredictable world, finance teams boldly implement innovative technology and methods to future-proof their businesses. 

Partnering with the right technology solution ensures effective scaling within an organization. By implementing a robust tech stack, companies can obtain accurate financial data and a solid control framework. 

Today, accounting and financial management software solutions are a must-have for almost all businesses rather than a nice-to-have. Tipalti is thrilled to have received multiple “Best of Finance Software 2021” awards from TrustRadius. Tipalti received first place for:

Best Customer Support—Accounts Payable

“Since I also work in customer support, I often have to contact Tipalti’s team with questions from our users. Tipalti’s support team has always been exceptionally helpful, and it was a pleasure to communicate with them. I have always received prompt responses to any inquiries, and they are excellent at solving our customers’ issues within a short time.”

Best Usability—Accounts Payable

“Tipalti helps us manage a lot of payments in each cycle to all around the world. That kind of service allows us to work worldwide and help us to monitor and audit our payment cycle in a very efficient way.”

Best Feature Set—Accounts Payable

“Tipalti solves multiple problems for us, including reminding approvers to approve bills timely, simplifying the vendor payment process for AP to initiate payments, enhancing security around vendor registrations and banking details, and streamlining bill processing and approvals.”