According to Business.com, here are a few trends that will become increasingly important in 2016 regarding accounts payable automation:
- More mobile connections: Mobile solutions have the power to streamline communications and increase the speed and accuracy of conducting business. Enterprise Mobile Management, which involves the convergence of mobile devices, mobile applications and file sharing, will continue to grow, leading to a variety of new and advanced solutions that will reach across various devices and operating systems. These advances will allow AP teams to use smartphones, tablets and notebooks to access key information and collaborate with users in all locations. What’s more, new standards in wifi and connectively will increase the speed of information delivery, allowing companies to process data in a more easily and efficiently.
- Data-driven decisions: With the increased availability of data allowed by Electronic Content Management processes and other software tools, decision makers are using that information to set goals and use real-time knowledge to guide their companies’ progress and future. With increased transparency, companies can use this information to make considered decisions regarding customer relationships, process improvement and other important aspects involving their core competencies. With improving technology and increased efficiency, even smaller companies can use automated AP processing to use that information to access and leverage business-critical data, leading to improved decision making, budgeting and forecasting.
- Increased cloud reliance: With those constant and accelerating improvements in technology, companies can begin to create an approach that weaves cloud capabilities into the fabric of their IT solutions and responses. According to Business.com, 81 percent of businesses surveyed believe that, in the future, industry boundaries will blur as platforms reshape industries into connected “ecosystems.” What’s more, this development is expected to lead to increased efficiencies as companies gain mastery over digital technologies. New cloud-based AP products have the potential to integrate with existing systems, furthering the reduction of manual data entry and gaining access to information located all over the world.
Companies looking to grow – and, indeed, merely survive – in the modern world need to keep track of these automated AP trends and position themselves to make the most of them, taking advantage of the increased speed and accuracy of information to maximize efficiency and increase profits.