What's Next in Accounts Payable?
How to Strategically Transform Accounts Payable in the Age of Robotics, Cloud & Blockchain
For the past few decades, Accounts Payable (AP) departments have been gradually automating invoice processing by moving away from traditional paper-based processes and investing in technology such as Optical Character Recognition (OCR) and workflow to improve the efficiency of the AP department. Despite these investments, however, the pace of change in the AP department has remained relatively slow. This is about to change as several macro-economic factors are pushing AP and the entire Finance department into a new era of innovation that includes robotics, cloud and Blockchain.
Major drivers of this faster pace of change include:
- Aggressive competition and rapid corporate expansion that require companies to automate processes to handle large volumes of transactions without increasing costs or headcount
- New standards and regulations that are forcing companies to abandon paper and fully digitize processes so they are more transparent and it is easier to respond quickly to audit inquiries
- New technologies such as Robotic Process Automation, Artificial Intelligence, and Blockchain, combined with pressure from the IT department and business users, that are pushing the Finance department towards a more modern and digital future
Download our free whitepaper to discover ways how to identify key challenges for your company and how to build a roadmap for taking your AP processing to the next level.