[Editor’s Note: This is the last week you will be able to download Ardent Partners’ annual AP-themed report, The State of ePayables 2018: The Future of AP is Now. Download the report before it’s gone!
By now, we’ve already discussed the stats:
- 52% of organizations polled during our annual survey perceive the accounts payable (AP) function as either “very” or “exceptionally” valuable to organizational operations (still a long way to go).
- In 2018, the average enterprise still receives 55% of their invoices manually.
- For Best-in-Class AP teams, it only costs $2.52 to process a single invoice compared to $14.38 for all others.
- 92% of Best-in-Class AP teams have standardized their AP processes across the enterprise.
The modern accounts payable (“AP”) function sits at a fascinating juncture in its overall evolution: enhance just enough to survive in the years ahead, or, revolutionize its development to truly thrive in the face of the digital enterprise. Following the lead of Best-in-Class AP departments, AP professionals (and their leaders) in most other organizations must turn to a wider range of strategies, solutions, and innovations from which to reimagine their programs and attempt to align its core processes with the long-term, digital roadmap of the next-generation enterprise.
In 2018, AP’s largest opportunities for business impact and value creation still exist in the future. But, whether an AP team slowly moves forward with minor progressions or triggers a major “spark” of innovation and intelligence, what is most certain is that failure to pursue action and improvement now will be a death-knell. AP leaders must invigorate their organizations with a newfound sense of purpose and push for AP to become a flexible, “smart” hub of knowledge and insights.
As the function continues to find its place in the digital enterprise and transform itself into an on-demand center of financial intelligence, AP groups must work to push themselves beyond the legacy models and approaches of the past. The future of AP is now and the AP leaders that develop the ability to consistently leverage innovative technologies and ideas will enjoy a significant competitive advantage and start to truly challenge the conventional wisdom of what is possible for AP.
If you haven’t already, download the State of ePayables 2018 Report by clicking here
RELATED ARTICLES:
The State of P2P in 2018: It’s Money that Matters
The State of ePayables 2018: The Expected Trajectory of AP – Part I
The State of ePayables 2018: How Valuable is Your AP Team to the Greater Organization
The State of ePayables 2018: Leveraging Technology in AP – 4 Steps to Take Now
