As technology develops and demands for AP automation shift to meet market needs, organizations need to shift their strategies and methodologies to keep up with competitors.
An article at Bobsguide.com, which describes itself as “the leading web resource for financial technology” describes a number of changes facing the AP automation field in 2016 and beyond. Either by adapting their own AP processes or, more wisely, outsourcing those processes to a qualified provider, those companies will need to deal with these changes:
An increased demand for invoice processing technologies: The number of companies relying on automation technologies and the outsourcing providers who utilize them will continue to increase as those companies recognize their ability to allow their AP staff to focus on the company’s own core competencies.
Electronic invoice authorization: Digitization offers a way to improve productivity and streamline the entire invoice process, reducing late payment penalties and providing added visibility of the approval process.
Increased mobility: With more and more pressure to increase productivity, AP solutions will need to work on a variety of mobile devices to allow them to be accessed and dealt with regardless of the location of employees.
Additional automation: During the coming years, automation will gain in popularity and, if companies wish to remain competitive, they will be forced to embrace this change. Competition will increase, and to prevail, organizations will have to willingly accept more automation rather than have it forced upon them.
Though making these crucial changes isn’t easy, the burden can be decreased by shifting duties to an outsourcing provider equipped to handle them. With this strategy, an organization can position itself for future growth and, at the same time, become more efficient and increase its competitive advantage.