Today, digitalization and automation are not just about saving time, but about creating real competitive advantages. Many routine tasks – such as registration of attachments, sending invoices, and account reconciliation – can now be automated with solutions that are cheaper and easier to implement than ever before. This means that even small businesses can elevate their digital capabilities without large investments or complex systems.
At the same time, it’s worth remembering that digitalization isn’t only about the new AI tools. There is still significant potential in implementing more traditional digital solutions. Solutions that automate existing processes, strengthen data sharing, and integrate systems can create substantial gains—often faster and more tangibly than the most advanced technologies. Additionally, many existing digital systems are incorporating AI elements into their services to support tasks such as data analysis, reporting, and more.
Solutions like digital invoicing (e-invoicing) can, for example, help companies streamline invoice processing, increase accuracy, reduce errors, and provide a clearer financial picture. Despite this, digital invoicing remains a global challenge. According to Visa’s global Impact Study, as many as 48% of the world’s SMEs still rely on paper invoices, and 86% enter data manually. The result is a process that is time-consuming, costly, and particularly prone to human error.
Here on kompasbank navigator, you get access to partners such as Corpay One and Nordflow, which offer solutions that automate the entire invoice workflow—from scanning and uploading to approval, bookkeeping, and payment. This enables businesses to automate manual tasks, minimize errors, and allocate more time to what drives the company forward.
Another area with great potential is embedded finance—financing integrated directly into ERP and P2P systems. Here, credit and payments become a natural part of a company’s transactions because the financial solutions are built into the systems businesses already use in their daily operations. This reduces administrative work and enables faster action. For many SMEs, it means fewer manual processes, greater transparency, and a solid foundation for making better decisions.
The same development can also be observed on many websites and webshops, where an increasing number of companies have begun offering financing solutions, such as buy now, pay later (BNPL), insurance, or similar options, directly within the purchasing experience. This makes it easier for customers to complete a purchase and gives companies new opportunities to increase conversions and create more value.
Digitalization and automation give small and medium-sized businesses new opportunities to work smarter and more efficiently. When digital solutions become an integral part of operations, they can streamline administration and free up time, making it easier to focus on developing new ideas, creating products, and contributing to a greater number of jobs in society. It’s not just about keeping up with developments, but about actively utilizing digital tools to enhance competitiveness and establish a more robust foundation for the future.