Ardent’s FinTech Influencer Series highlights innovative voices in the world of Accounts Payable (“AP”) automation. This series is the go-to spot for progressive thoughts on how technology, transformational thinking, and revolutionary ideas are changing how AP work gets done. Continuing our FinTech Influencer Series, today we are speaking with Tomika Russell, President of Symbeo.
Ardent Partners: Welcome Tomika and thank you for spending some time with me today. Let’s get started. Please tell me about your background, your company, and how you landed in the ePayables industry?
Tomika Russell: Thank you Bob. I am delighted for the opportunity to share more about Symbeo and my personal journey. Symbeo’s 30 year history is slightly longer than my career, so let’s start there. Symbeo is an AP automation company that helps businesses unlock the value in payables with invoice automation and payments. We are proud of our industry staying power and the trust that we have earned within our customer portfolio, which includes leading global B2B and B2C powerhouses.
My entire career has been in tech. More than 25 years ago, I launched my career with one of the leading healthcare technology companies. After a couple of years, I shifted to a SaaS company which specializes in HR, benefits, and payroll, and created my path to the commercial side, where I spent 17 years in various leadership roles for a global transportation company. A year ago, I joined Symbeo and in many ways, it feels like I have come full circle. Throughout the years, I have held a number of Fintech roles and led complex digital transformation programs. My background across industry verticals, order to cash, and procure-to-pay process experience has proved pivotal to crafting our corporate strategy. I am excited about the future of our industry and the expanded function of Symbeo with ePayables.
Ardent: The events of the past several years have taught us many things. What advice would you offer on how best to utilize technology and automation to prepare for future uncertainties?
TR: First, we should recognize that the market will continue to evolve with digitalization across every industry. As such, we can anticipate that B2B demands will closely mirror those of B2C, as informed buyer behavior patterns emerge with greater expectations for transparency within a connected ecosystem. Secondly, technology and more specifically AI enabled automation, mitigates risk with manual processes and tribal knowledge, but it also delivers scalability, data driven insights, and product creation, which can lead to a faster speed to market.
Ardent: What is your perspective on the ePayables market today and is the need for invoice automation viewed differently now than in the past?
TR: Absolutely! At the height of the pandemic, we faced international supply chain disruption with shipping delays and although it has improved, there are still remnants today. Stalled or slower than normal business operations accelerated the need for transparency across the entire value chain and highlighted the importance of cash flow within tightened markets with the steady rise in inflation. Previously, invoice cycle times spanned several weeks and now the expectation is within days. Lastly, with labor shortages and remote work environments, the shift in the market requires a digital footprint. With our mailroom product, we provide the platform for people to work anywhere by giving them the necessary tools, in order to accurately and swiftly manage their cash flow.
Ardent: Many AP departments are still drowning in paper. Ardent’s most recent survey results indicated that, once again, that almost half of all invoices are still received in paper format. Why is paper still so prevalent in the AP and, more importantly, what should companies be doing to solve this long standing problem?
TR: In an autonomous world, fear persists because while we can forgive human errors, technology hiccups or failure lead to distrust in the capabilities of a machine in comparison to an employee. There is also a fundamental misunderstanding that technology replaces jobs, when instead it leads to value creation and is the guiding contributor for customer and employee experience. Inevitably, as more companies pursue their environment, social, and governance (ESG) goals, the number of paper invoices will decline because external pressure will be applied throughout the value chain.
Ardent: What’s the biggest mistake companies make when automating accounts payable?
TR: The biggest fallacy and also missed opportunity stems from the resistance to change; maintaining legacy processes can evade harmonization across the organization. There are commonalities and best practices that can be leveraged to drive organizational change management in order to improve invoice cycle times.
Ardent: What advice would you give to enterprises that are just beginning to explore accounts payable solutions?
TR: There are many competitive product offerings, so allow ample time for discovery to understand core business needs and explore solutions. Although there are similar core features, within AP there are nuances across industries, suppliers, and operating models with distinctive business needs, platform integration, invoice cycle times, and support. Several years ago, Bain Consulting published its Element of Value for B2B Customers, which translates Maslow’s Hierarchy of Needs into realizable benefits within the buyer journey. As the partner of choice is selected, ensure there is a corporate alignment that extends beyond the functional value to help support the business of today, while preparing for the future of tomorrow.
Ardent: What’s one thing you wish you had known when you began your career?
TR: Early in my career, I learned valuable lessons such as the importance of customer (patient) care, customer obsession, and social engineering. However, I wish my younger self would have understood the simplicity of business concepts and that every career, regardless of the role, is about solving problems, making new opportunities, or narrating a story.
Ardent: What are the best resources that have helped you along the way?
TR: I am grounded in faith and family, which challenged my sister and myself to excel in everything that we do. Throughout my career journey, I have been fortunate to surround myself with people who genuinely care and are willing to take risks with me. The greatest tragedies in my personal life have served me well and demonstrated to others my will to succeed with the power of positivity.
Ardent: How do you continue to learn in order to stay on top of things within your role?
TR: Generally speaking, I am a curious person and therefore always searching for a way to do it differently – better, faster, and smarter. I enjoy engaging with multigenerational influencers to gain diverse perspectives and possess a sincere appreciation for technology and the fundamental ways it continues to change the world. The culmination of all of these encourage co-creation with customers, research, industry partnerships, constant reading, and maintaining a listening ear in the overall market.
Ardent: Thank you Tomika for your time and sharing your insights on the AP market.
