Bob Purcell is the CFO of Billtrust. This article reflects the author's personal views only.

Finance leaders have traditionally held the core responsibility of managing company finances and ensuring profitability. However, facing an uncertain economic environment, a digital arms race, and pressure from a new generation of buyers, CFOs have had to look beyond their traditional duties, with customer experience (CX) standing out as a key focus.

The growing importance of customer experience is no secret—especially in the B2B sector, which has long been seen as lagging behind the consumer space. It is no coincidence that the question teams once asked, "What do customers want?" has rapidly shifted to "What do customers need?" According toDeloitte Digital research, B2B buyers are on average 34% more likely to purchase from and 32% more likely to renew with suppliers that deliver excellent customer experience.

A major reason CX value is rising in the B2B space is the emergence of a new generation of decision-makers. These professionals—the future finance leaders—grew up in an environment of convenient, fast consumer experiences, and their digital experience expectations differ greatly from traditional B2B models. They are passionate about providing and enjoying high-quality customer experiences. So whenBilltrust surveyed 500 finance professionals, including current CFOs and future successors,asking which operational shortcomings they would prioritize addressing after taking office, it was unsurprising that nearly half of the future CFOs chose "customer satisfaction."

The exponential impact of CX on the B2B world

Much has been written about CX's impact on customer loyalty and retention, which is why marketers have kept a close eye on it for years. But retention drives revenue, so it makes sense for CFOs to step into the CX arena.

After all,research from Bain & Companyconfirms that B2B customer experience leaders achieve higher average profit margins than competitors and reduce service costs by 10% to 20%. Meanwhile,researchhas found that companies regarded as CX leaders generate returns nearly three times higher than laggards.

Of course, as new-generation professionals flood into the B2B space, these numbers are expected to grow further. For now, amid a predictably turbulent economy, CFOs focusing on strengthening customer experience can drive revenue growth, acquire new customers, and help retain existing ones.

The call to strengthen B2B relationships

This is not to suggest that B2B has a poor CX history, but rather that these relationships are taking on new forms. As digital innovation continues to emerge while economic uncertainty looms, CFOs should strengthen electronic relationships to retain customers and control churn rates. What does this mean for CFOs?

Today's finance leaders must both lead their teams and align goals with a CX-centric approach. By focusing on developing long-term B2B relationships, CFOs can simultaneously elevate CX levels. Understanding the changing landscape is important, but making decisions that also strengthen customer relationships is more critical than ever. Therefore, now is the ideal time for CFOs to engage in enhancing their organization's CX—after all, solid relationships bring efficiency gains, cost reductions, and facilitate resource sharing.

Accelerating cash flow through CX

Increasing cash flow has always been a top priority for CFOs, and it will remain so in the future. Fortunately, there is one initiative that can simultaneously improve customer experience and increase cash flow, and it falls squarely within the CFO's remit: optimizing the payment experience.

In recent years, B2B payments have undergone a massive digital transformation. In fact, according todata from the Association for Financial Professionals (AFP), the use of paper checks in B2B has recently fallen to a historic low of 33%. However, even as the industry has introduced technology to accelerate the flow of funds, many organizations are still struggling to break free from highly cumbersome, manual-dependent processes—a status quo that threatens not only financial health but also damages B2B buyer-seller relationships.

Disconnected systems

For example, there is a significant disconnect between the systems used by accounts payable (AP) and accounts receivable (AR) teams today. Simply put, most AR teamslack real-time integration with customer AP portals, which slows down productivity and cash flow and results in a poor customer experience. CFOs who want to maintain their organization's financial health and prioritize customer satisfaction must address this issue. The best way is to steer the organization towarddigital lockboxes—electronic addresses used to receive payments via ACH, credit card, or wire transfer.

Digital lockboxes provide B2B organizations with faster, cheaper, and more secure payment and invoice processing. They capture payment instructions when invoices are approved, transfer funds according to supplier preferences, obtain remittance information, and present it in a format compatible with the company's AR processes. For the B2B space, this is a transformative breakthrough that promises to eliminate the inefficiencies that have hindered supplier-buyer relationships and impeded access to capital for decades.

Although CX has traditionally not been a direct CFO responsibility, finance leaders have always had the ability to significantly influence customer relationships through the payment processes they establish. As suppliers' ability to offer CX-centric solutions continues to impact corporate profitability, now is the ideal time for CFOs to get involved.