More mobile access: Though everyone has a mobile phone and/or device these days, mobile technology has been surprisingly under-utilized in workflow solutions for accounts payable, according to research done by the Aberdeen Group. As a comparison, companies are 150 percent more likely to use mobile devices for electronic invoices and approval workflows. This, however, should change dramatically in 2017. Trends indicate an increased reliance on mobile tech for AP automation software. Invoices, inquiries, escalations and approvals, all delivered via an automated AP workflow, will be available through smartphones, tablets and other mobile devices, allowing managers to take appropriate action wherever they may be.
Straight Through Processing: According to Business-Software.com, Straight Through Processing (STP) is coming into its own this year as technology leader improve the automation capabilities that drive more efficient and leaner processes across the payable scale. According to a recent Ardent Partners survey, more than 50 percent of respondents saw a truly touchless invoice environment as having the greatest potential to change AP operations. STP does just that, delivering a fully-automated procure-to-pay cycle in AP, eliminating manual intervention and using automated workflow technology paired with well-defined, standardized business rules.
Over the past decade, Accounts Payable has benefited from a technological revolution that has changed everything about the process, allowing it to become more efficient, more profitable, more secure and more compliant as it becomes more and more automated. With new technological developments such as mobile reliance and Straight Through Processing, along with other, unforeseen innovations on the horizon, automating your company’s AP processing is no longer an option – it’s a necessity, assuming, that is, you want your company to remain profitable – and survive – in the years to come.