Is Your AP Department Overlooked?

Two Thirds of Executives use innovative Technologies to Drive Profit, Benefit the Environment

A recent survey from the USA issued by the Environmental Defence Fund (EDF), listed the seven emerging technologies that senior executives view and use to drive profitability and environmental performance

The technologies listed are; blockchain, sensors, data analytics, mobile ubiquity, dematerialisation, automation and sharing technologies.

However, introducing these technologies across and within numerous departments in an organisation can cause serious disruption prior to achieving the end goals; of increasing the bottom line and the benefit to the environment.

Nowhere is this as important as within the AP or Finance departments of an organisation. The AP department is often completely siloed and overlooked. As the heart of an organisation, the AP department heavily influences the life blood of a company (cash/monetary transfers). A lot of finance teams are using various systems to manage insight into processes, try to mitigate against fraud risk, in addition to maintaining information to allow the company take breath when required.

The automation and digitalisation of any department within an organisation will likely have an impact in some way on the AP department. An example of this, the creation of a purchase order (PO) starts the life cycle of an AP invoice. The PO creates numerous tasks and processes to allow the PO to be approved and subsequently an additional set of processes to approve its payment at the appropriate time.

For companies to survive and keep up with the introduction of any of the seven emerging technologies, on an individual or multiple basis, C level executives need to engage the same level of technology with its AP department.

Of course, the implementation of these technologies can come with enormous benefit. The costs for receiving, processing and approving invoices, can be greatly reduced within the organization, and can be achieved on a desktop or mobile application with some accounts payable software.

As technology moves forward with ever greater pace and ability, the quality and quantity of information that can be captured is higher than ever before. Making use of robots to remove the most repetitive and time-consuming tasks frees an AP department to be more efficient and focus their time on more beneficial tasks.

These technologies that include; mobile ubiquity, automation, & sharing technology can be found within market-leading AP automation. This offers decision-makers the opportunity to create and implement a paperless process, impacting greatly on the environment, and increasing efficiencies within the AP department.

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