Technology is surging and the future of accounts payable looks promising. Transforming AP is achievable and encouraged as more and more companies are embracing digital transformation and passing up companies that are lagging behind.
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Both individuals and businesses have suffered in the wake of the COVID-19 pandemic, making the annual Ardent Partners State of ePayables report especially interesting. According to Ardent Partners, the pandemic has had a physical, mental and financial disruption on businesses and how they function. This means that AP has to become more strategic in how they address both short-term and long-term needs.
During times of crisis, like the COVID-19 pandemic, it’s natural to think that digital transformation would be put on the back-burner. Employees are already overwhelmed with major adjustments in both their personal and professional lives – how could they possibly fathom a transition in technology, too?
Digital transformation is more than just installing new software and pushing “Go”. It’s a changed mindset; a different way to look at how your business manages information and a company culture focused on innovation and process improvement.