Given several factors, including the increasing levels of automation in accounts payable (AP) workflow and the greater focus on working capital optimization, there is a shift taking place in the way AP works.
AP is shifting from a manual, paper-based process to a more automated one. And that means a shift is also taking place in the skills of AP workers.
According to a 2015 survey by Ardent Partners, 66 percent of respondents said they expect the skillsets of the AP team to change over the next two to five years. The factors behind this transformation range from technological advancements to new economic realities, but whatever the reasons, they are changing the way data is processed.
Scan-and-capture tools and processes have combined to eliminate data entry as the main focus of AP departments in many organizations, and the move towards greater automation means many companies are finding that outsourcing data capture can allow their AP departments to switch their focus to their firm’s core competencies.