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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More companies than ever before have adopted automation technology since the pandemic struck. Automation, like robotic process automation (RPA), has allowed companies to continue to run business operations securely, efficiently and strategically no matter where employees are working from. And when the post-pandemic world finally appears, automation will be key for recovery.
While cloud tech has been a game-changer for quite some time, it is continuing to gain momentum with its ability to cut costs, increase productivity, empower remote teams and boost revenue. Along with office tools, personal services and entertainment venues, ERP platforms and add-on solutions have gone to the cloud, as well.
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.
In today’s busy world, increasing productivity is the name of the game for businesses. Whether it’s faster production lines, quicker product development or more efficient data retrieval, having productive employees is critical in order to gain a competitive edge, save money and create higher employee satisfaction.
What makes an AP department best-in-class? Each year, Ardent Partners puts together their “Metrics that Matter” report on the metrics that organizations use to measure success within accounts payable that make them top-performing AP departments.
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?
Whether we’re in the midst of a global pandemic or not, one priority of every company is to cut costs and save money. One area that is often wrought with forgotten costs is accounts payable.