With the recent changes in the political landscape, trade policies and international relations, data privacy concerns are evolving rapidly over where data is being stored and who has access to it. While this was previously just a concern for government agencies, non-profits, and NGOs that handle sensitive information, it is spreading to include private companies both large and small. Organizations implementing Accounts Payable (AP) Invoice Automation solutions must now take data security into account.
Data Security Concerns in AP Invoice Automation
When comparing the various AP Invoice Automation solutions, companies must consider the following:
1. Data Security
Financial data is always an easy target for theft and threats. A breach involving invoice data can give strategic information about the vendors your company does business with, and the pricing terms you receive. Ensuring that the AP automation system employs robust security measures is essential to protect against unauthorized access and data breaches.
2. Data Privacy
Outsourcing invoice processing to an external SaaS provider often means handing over control over your data. This creates a risk of unauthorized access or misuse by the service provider or a data breech on their side. Compliance with data privacy regulations like the General Data Protection Regulation (GDPR) in the EU, the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada, and the California Consumer Privacy Act (CCPA) in the U.S. requires strict management of financial data.
3. Data Sovereignty
Data sovereignty refers to the legal implications of storing data across different jurisdictions. For instance, data stored in the United States may be subject to laws like the Patriot Act, which allows government agencies to access data without the owner’s consent. Such regulations can be concerning for companies utilizing U.S.-based AP automation providers, as their data is often stored in the U.S.
Leveraging SharePoint for AP Invoice Automation
To address these concerns, utilizing a platform like Microsoft SharePoint within Microsoft 365 for AP Invoice Automation offers a compelling alternative:
1. Data Residency Control
By integrating AP automation with SharePoint, your financial data resides within your Office 365 tenant. This setup allows you to select data residency options, giving you control over where your data is stored.
2. Enhanced Security
Office 365 is well equipped with robust security features, including advanced threat protection, data encryption, and comprehensive compliance certifications. These features secure your financial data against breaches and unauthorized access.
3. Data Ownership
Storing AP data within SharePoint ensures that your organization retains full ownership and control over its financial information. This approach prevents external service providers from accessing your data, ensuring that internal employees within your organization can manage and process invoices.
DynamicPoint’s EasyAP365 Solution
DynamicPoint’s EasyAP365 is an AP Invoice Automation application that fully leverages SharePoint for data storage and management. Key features include:
- Integrated Data Storage: All invoice data is stored within your organization’s Office 365 tenant, eliminating the need for external data storage. This extends to government customers that are using the GCC (Government Community Cloud), and GCC High environments.
- Customization and Scalability: Built on SharePoint and Office 365, EasyAP365 is easily customizable and scalable, adapting to your changing priorities.
- Compliance and Auditability: With data residing in SharePoint, you can utilize Office 365’s compliance tools to meet regulatory requirements and facilitate easy auditing of data access and usage.
By choosing EasyAP365, companies can streamline their AP processes while maintaining control over their financial data, ensuring security, privacy, and compliance with relevant regulations.
Conclusion
Understanding where your data is stored is crucial for organizations concerned about the security, privacy, and sovereignty of their financial data, especially when implementing AP Invoice Automation solutions. While SaaS applications offer significant advantages, they also introduce risks of data leaving your company’s IT infrastructure. Utilizing Office 365 provides a secure, compliant, and controlled environment for AP data storage, allowing you to obtain the benefits of a SAAS solution while not handing over your data.
