New Technology May Require a Mental Barrier for CFOs
newly appointed Haystack ID financial director Dave Murray’s The company was one of the first in the computer forensics industry to pull away completely, meaning it was in a strong position to adapt to the realities of today’s world affected by the pandemic.
With paper checks no longer an option, one of the biggest challenges for many businesses is the need to embrace digital payment methods. Murray said HaystackID, despite its relatively small size, has helped push many of its customers in this direction with its insistence on doing everything digitally.
“Some of our mid-market clients are law firms that aren’t really organized to do it,” Murray explained. “They want to meet us for lunch and then go over what’s exceptional and say, ‘OK, I’ll get that to you later,’ but that’s not how we operate.”
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This flexibility works both ways, as larger customers have asked HaystackID to adopt unfamiliar payment systems. While anyone would naturally prefer a uniform standard, Murray said the measures ultimately benefited the company because it means HaystackID now supports five different payment platforms.
As Murray explained, these platforms not only provide good visibility into when things get paid, but they also help ensure the business gets paid faster.
“Often it is a question of obtaining [the invoice] to the right office to get paid, ”he said. “If it needs to be sent to five different people, we see that everything is set up for that when you submit it to the portal. So we love them.
AI transforms tedious tasks
Considering what HaystackID does, it’s no surprise that Murray is tech-savvy. The company provides data mining services to law firms and large organizations facing complex and data-intensive investigations and litigation.
In an employee discrimination lawsuit, for example, HaystackID technology can extract company records from communications with its employees to extract useful information.
“We’re helping analyze this stack of electronic records into a manageable set using artificial intelligence, so you can start to assess what your risk might be,” Murray explained. “We’re able to do it quickly and accurately, we’re really good at it. “
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HaystackID is also very good for investigating cyber attacks. Its other main service is ‘cyber discovery’, or more specifically, helping businesses ensure that all of their digital records and data are as secure as possible.
It also investigates the source of attacks when they occur, providing recommendations to ensure such incidents do not recur.
A B2B change of mind
Murray believes that technology has the potential to solve another of the most pressing problems facing organizations today – the acute talent shortage that resulted from the Great Resignation.
The technology to solve many of the workforce problems already exists today, he says. The problem is, more often than not people can actually be a hindrance in getting some of it through.
“Part of the challenge is that a lot of people are very comfortable comparing Purchase Order A with Invoice B,” Murray said. “But right now you have a state-of-the-art solution that does this for you, so you don’t need a person to do it. People can be a blocker because they are in job protection mode.
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As such, Murrary argues that there is a need to change this mindset and get people to see technology as an asset rather than a handicap.
For example, rather than sitting around comparing invoices with purchase orders, an accountant can let a computer do it for him, allowing him to spend his time focusing on unusual transactions, such as those for which the customer’s price is not what you want. to be.
“These are the ones you want to spend your time on,” Murray said. “These are the ones you really have to deal with. “