The continuing growth of the Cloud: According to a report by Cisco, 83 percent of all data center traffic will be based in the cloud within the next three years. Add to that the fact that the cost of implementing an electronic invoice processing system has been dramatically lowered, cloud-based solutions to Business Process Automation – including AP processing, claims processing, enrollment processing, prescription processing and mailroom services – are preferred by most companies. And by outsourcing a cloud-based solution, companies can avoid the high initial costs, drain on employee resources and steep learning curve, allowing them to focus on their core competencies.
Increased focus on analytics: A survey by the consulting firm Kaufman Hall reveals that more than 70 percent of financial executives said their top goal for 2017 is “greater visibility into financial date for decision making.” This need for visibility into data sources, including Accounts Payable, has led to a vision of expanding AP beyond a transactional model and into a strategic resource for financial and operational data. With the flexibility and transparency available through AP automation, including the option for line-item detail without internal manual data entry, 2017 is sure to see an increase in automation of many companies’ AP processing.
Next week, we’ll look at two more reasons that 2017 will be the year for companies to make the jump to AP automation, including the fact that mobile devices are going to become even more ubiquitous in the coming months.