Is your accounts payable department “next level?” When you consider your AP department, would you call it “innovative,” “agile” or “best-in-class?” Today’s top AP departments are embracing technology, streamlining processes and automating manual tasks. As automation becomes more commonplace, more AP departments are adopting it and reaping the benefits of it.
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Technology is getting smarter and smarter, which is making companies more efficient, agile and competitive. We have artificial intelligence, machine learning, robotic process automation and more tech-savvy buzzwords that are digitizing workplaces and automating tasks that we never dreamed could be automated. Most automation efforts start with accounts payable, as this department has historically processed the most paper and typically has the most manual procedures.
Sometimes we don’t realize that what we’ve been doing isn’t ideal until we take a good, hard look at it. In this case, we’re talking about information management. Many companies have spent years managing their data in certain ways, even if it’s inefficient and cumbersome. Why? Because it’s comfortable and familiar. However, in this day and age of information technology and innovation, comfortable and familiar doesn’t cut it.