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A decade or so ago, the concept of transparency wasn’t widely discussed in the business world.

In the past ten years, however, that’s changed, and there are so many reasons businesses are working to embrace transparency and the tools that can help them improve in this area.

Just one of the many examples is the use of AP automation. AP automation software provides a window into accounts payable which helps improve efficiency, boost accountability, reduce fraud and errors, and it provides valuable data that can be used across an organization.

Software and technology are only two of the ways that transparency is being boosted in the modern workplace, but what are the benefits of transparency for the business and its people? Why is it worthwhile for the business to focus on transparency?

Better Culture

The idea of corporate culture is so important to employees, and ultimately the success of an organization.

Working in a place that’s viewed as having a positive corporate culture is pretty much a necessity for most employees and in particular the Millennial demographic.

When a company is focused on transparency, it’s going to inherently have a better sense of corporate culture which can help improve employee retention and satisfaction, as well as productivity and it can reduce turnover. All of these factors are big business benefits.

Working Toward Shared Goals

There’s a lot of talk about organizational objective and how to meet them, but unfortunately for some businesses, that’s all it is—talk.

If you want everyone to actively participate in meeting company objectives, transparency has to be present.

This ensures communication is open, and there is alignment across departments, levels of leadership and within the entire organization.

To provide an example, we can go back to the idea of AP automation.

It may seem like a small change, but implementing AP automation software can show everyone in the finance department what’s being spent and how. That can, in turn, mean transparency regarding the data, and then, once there is an objective set to spend less in a particular area, everyone is more likely to be on-board because of that transparency.

Accountability

A culture of accountability is as important as a generally positive culture in any workplace, but there seems to be a lack of it for the most part, or at least that’s the sentiment among employees.

Employees tend to carry the feeling that executives and company leadership aren’t held to the same standards as they are, and that there isn’t any accountability at higher levels. These sentiments can be alleviated through the implementation of measures that will improve transparency.

Finally, transparency isn’t just good internally. It’s also good in the eyes of the people who matter outside of your company, such as your employees.

The more transparent the internal reputation of a company, the more likely it is to be seen as transparent to the outside world, and customers appreciate that.

It fosters a sense of trust and authenticity that today’s consumer is looking for, and serves as a powerful branding mechanism.

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