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. We continue our FinTech Influencer Series today with Laurent Charpentier, the COO and Chief Innovation Officer at Yooz Inc.
Ardent Partners: Welcome Laurent 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 ended up in the ePayables industry?
Laurent Charpentier: I am currently the COO and Chief Innovation Officer for Yooz Inc. based in Dallas, Texas. We are a leading provider of cloud-based AP automation intelligence. We consistently analyze industry reports and trends and invest in R&D so that our solution solves the most critical workflow challenges that finance leaders face today.
Yooz leverages more than 30 years of technology innovations from our affiliate company ITESOFT in Aimargues, France. The company recognized that there was an unfulfilled need in the U.S. market and has been filling the cloud-based SaaS invoice and payment processing (AP) automation solution gap with an affordable, flexible, customizable, and scalable solution for mid-size companies since 2013. Our platform integrates with more than 200 financial systems. Today, Yooz delivers subscriptions to more than 3,000 customers and 100,000 users worldwide.
I have a technical background. I received my Bachelor of Science in Electrical Engineering and Computer Sciences from the Massachusetts Institute of Technology, and a Masters of Engineering in Electric Engineering from the National Institute of Applied Sciences of Lyon, France. I have been leading the Yooz North American operation since its inception in 2013.
Ardent: What is your perspective on the ePayables market today?
LC: From what we are seeing in the market, there seems to be affirmation of the idea we have been introducing since the beginning, which is essentially that you can turn the AP department into a profit center and impact the bottom line. AP resources can become more strategic, shifting from a “data-entry” role to more strategic responsibilities like negotiating early payment discount thanks to the shortened invoice approval cycle time. Finance leaders are figuring out that one of the most effective ways to improve an organization’s bottom line is to decrease the cost of operations that do not directly contribute to profit, and then redirect the freed resources towards strategic, profit-generating initiatives. Automating AP processes creates an opportunity to generate revenue through increased efficiency.
Businesses today are expecting more from their accounts payable function. CFOs are realizing that if they can get at the information and data housed in their AP department, they can use it to support better management of their working capital, mitigate potential risk, and make more strategic decisions.
We pay a lot of attention to industry research. Market trends indicate an increased level of interest and ultimately adoption of AP automation by mid-market companies. There also seems to be a corresponding trend towards eliminating paper invoices altogether.
Ardent: What should we be paying attention to now and in the future (technologies, trends, etc.)?
LC: Emerging technologies in AP automation solutions have not traditionally been a large consideration for finance leaders when choosing a provider. But they should be! I think solutions that leverage advanced technologies like smart data extraction, optical character recognition (OCR), and machine learning—all powered by A.I.— will become more and more relevant in the criteria to choose an AP provider. Robotics Process Automation (RPA) is another emerging form of business process automation technology based on the notion of software “robots” or artificial intelligence workers.
Security was the hot topic at this year’s 2019 Consumer Electronics Show (CES), one of the largest and most influential technology events in the world. In fact, David Rabin, Lenovo Vice-President of Global Commercial Marketing, said that with the proliferation of smart devices, businesses are put at risk by something as small as an employee bringing their phone to work. Even though security has not yet been an issue—that is actually one of the greatest benefits of cloud-based solutions—it will continue to be a growing concern in general due to the volume of data in the cloud.
At Yooz, we talk a lot about how much more secure sensitive documents are in the Cloud. There are a number of reasons, including: Once a document is scanned into the system it moves securely through the workflow and then is stored securely in the Cloud. Documents stored in the Cloud can only be accessed by those with login credentials, whether it be to view or approve. Users are also able to see the history of the document, who has accessed it, who has approved it, where it is in the workflow.
Ardent: How has the market/industry changed in the past five years and what do you think it will look like five years from now?
LC: In the past, companies have thought they could throw more people at the problems associated with manual AP processes; and there has been absolutely no benefit to that. Now, they are getting serious about automation and leveraging the wide range of technologies available to choose from. They are embracing solutions to handle their business’ diverse needs; for example, data capture powered by OCR and smart data extraction, features for fast approval and exception handling, and seamless integration with legacy finance systems.
I think invoice and payment processing will be unrecognizable in the near future when compared to traditional manual, paper-laden workflows. It will be digital, data driven, and strategic. Stakeholders will unlock the value of AP automation and leverage it in more ways than ever to help drive larger corporate objectives.
Instead of continuing to ask, “How do we manage this ever-growing pile of invoices?” finance leaders will ask, “Where do we stand with working capital so we can more accurately forecast cash and manage budgets?” Further, “How do we better manage our supply chain? And, best of all, “What do we do with the cash that has been freed up?” The answers will be exciting, like developing new products and investing in R&D.
Ardent: As an executive at a FinTech solution provider, what keeps you up at night (good or bad)?
LC: I have newborn baby girl, so as a Dad, that’s a good thing that’s keeping me up at night! And as an executive, it’s thinking about new ideas on how to develop our solution to always be better for our customers, to continue to make their work lives easier by solving their pain points, and to provide the best product and most attentive customer service every day. I like to think that we are leading the AP automation industry by being ahead of the technology curve, and I think it’s important for us to keep innovating so we continue to deliver something unique, current, and relevant to our clients in the U.S. and worldwide.
Ardent: On a personal note, what is your favorite book or movie and why do you like it?
LC: I typically go to more movies than I read books. But I really thought Dan Brown’s Origin was a great novel. To your previous question, it actually kept me up at night while I was reading it and thinking about it! It presented an interesting paradox on faith versus science and technology. I won’t spoil it for people who haven’t read it, but let’s say, there is an element of A.I. Since technology is something we are passionate about at Yooz, and I am a techie at heart, it was thought-provoking for me.
Ardent: Thank you Laurent for your time and sharing your insight on the market.
