[Editor’s Note: Over the next few weeks on Payables Place, we’re publishing some “best of” 2019 articles as we reflect on the year and prepare for the new year ahead.]
While it can be said that some automation is better than no automation, especially in regards to the world of Accounts Payable, one must consider the lengthy transformation efforts that many AP functions have started but as yet, not finished. As stated previously, the levels of AP process automation achieved by most organizations is certainly a “win” for AP. However, simply deploying the solutions does not ensure that they are used. Accounts Payable has never had its business perception be as strong as it is today; thus, it is critical for the group to make the next great leap and not rest on its laurels.
The journey is not the same old story of “automate, automate, automate,” but rather, “be strategic about automation and innovation.” Based on research from our State of ePayables 2019 market research report (click to download), moderate-to-heavy automation abounds across the core components of the AP function, including invoice receipt, invoice-processing, approvals, payment scheduling, and payment execution. This is a reflection of the vaunted “higher level” that AP has struggled to attain over the past several years. Automation within these key areas ensures that the unit itself is not only highly efficient, but also has the ability to be a valued stakeholder in support of the greater enterprise. After years of pressure to automate the core facets of the full AP process, it seems as though a majority of businesses across the globe have started to achieve this goal.
However, there is significantly more at stake than merely automation of the traditional pieces of AP. The function has never before had as much clout as it does in 2019. Thus, AP must build on what it has already achieved in order to enter the next great phase of its journey. Ardent’s findings highlight the accomplishments attained by AP thus far, but also the shortcomings that need to be addressed for the group to develop smarter, more intelligent capabilities and drive more value to the greater enterprise.
Smart business leaders perpetually pursue the ideal way of getting things done. To succeed, they know that they must execute a series of transformational strategies with supporting technology to optimize their specific processes, programs, and overall capabilities…and then remain open to new ways to push the envelope. Similar opportunities await forward-thinking AP leaders who pursue new ways of improving the organization. Innovations in the ePayables marketplace now make these opportunities accessible to a larger percentage of organizations.
