Last week, Ardent Partners analysts Andrew Bartolini and Christopher J. Dwyer presented on a webinar focused on the hottest trends in accounts payable and the necessary action items for businesses as they begin to transform their greater AP functions. The webinar, “Trendspotting: AP’s Top Trends for 2015 and Beyond,” highlighted a variety of current financial issues for AP and procurement professionals in the greater quest for spend visibility, financial aptitude, and total spend management prowess.
At the surface, the “story” of the accounts payable function isn’t a new concept: traditional back-office department is mired in manual- and paper-laden processes, and will eventually benefit from some level of automation. End of story, right? Not exactly. The AP arena has certainly experienced a strategic uprising over the past few years, as more and more business executives (particularly procurement) realize the true value of holistic processes for managing invoices, payments, and everything else involved with managing corporate spending.
Last week’s webinar featured deep-dive discussions not only into the current state of accounts payable (which included rising levels of automation, a lack of visibility and true data as key AP challenges, and expected two-year changes within the AP function, such as broader AP staff skillsets and more / better communication with the procurement group), but also how current trends will shape the AP functions of 2015 and beyond:
- The true value of business networks. Business networks were initially developed as communication portals between buyers and suppliers. The value and functionality of these solutions have, however, evolved in recent years to facilitate and automate procurement, supply management, and invoice / payment-related processes. Networks are also the top contributors to an interconnected commerce-focused business world in which all members provide each other value.
- AP’s rising strategic value within the greater scope of “agility.” The ability to react, in an educated and strategic manner, to evolving business challenges and needs is becoming that rare attribute of top-performing businesses. What role does AP play? A facilitator of spend and financial information, in real-time, that can support critical corporate decision-making.
- The drive for holistic AP processes is forcing companies to focus on automation. Remember the “old story” about accounts payable? It may be a surface-level notion that paper should be eradicated, but that story is changing slightly; businesses across the globe are actively realizing that shifting to a truly-holistic set of accounts payable processes (for maximum efficiencies, cost reductions, and visibility) just isn’t possible with AP automation (scanning, eInvoicing, ePayments, etc.).
The trends above may be directly in the purview of businesses as they continue their path into 2015. However, what is clear, and as discovered during last week’s webinar, these trends will truly shape the future of the accounts payable function for years to come.
Check out these related articles for more:
AP’s Top Trends for 2015: The Changing Skillsets of Accounts Payable
AP’s Top Trends for 2015: A Greater Involvement in Working Capital Optimization
AP’s Top Trends for 2015: A Stronger AP/Procurement Partnership
AP’s Top Trends in 2015: The Increasing Automation of Accounts Payable
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