Tech will reshape future of AP processing

Tech will reshape future of AP processing
These days, every business is transforming (at different levels of intensity) into a technology-enabled organization. For businesses looking to make such a change, here are some major global technology trends related to accounts payable processing to watch:

1. Chatbots and autonomous interfaces becoming independent: Autonomous interfaces, such as chatbots and digital agents, are become more common on digital devices and the interfaces that executives use to manage and control their organizations. Though most people still use a touchpad, keyboard or mouse to interact with their computers, in the coming years they’ll increasingly start talking to them or using gesture control to conduct the same interactions. On the backend of things, according to Vogelberg, these systems will work in an increasingly autonomous fashion and come with self-learning capabilities. The end goal is software that is able to act largely without user intervention, or even ask a question a single time then use that information for every subsequent circumstance.

2. Artificial intelligence leading to a sharing of data among businesses: Companies of all sizes need to find ways to extract information from today’s wealth of Big Data, Vogelberg says. To remain competitive, smaller organizations should consider joining forces with and – while taking care to consider corporate data protection policies and security initiatives – share, for example, computer power and data with other companies in a structured and systematic matter. This could result in profit from collaboration by taking advantage of a bigger and better data pool and superior data intelligence. It’s similar to crowdsourcing mechanisms in that it would help organizations to better understand how their customers behave and how to best serve them.

3. New ways to move money: The way people use money and transfer payments has already changed dramatically. Moving forward, a number of new solutions will allow organizations to establish an end-to-end payments value chain with their suppliers and customers, streamlining their accounts payables process by automating it. This new solutions will be integrated into the financial accounting systems of future enterprises, allowing banks, financial companies and other organizations to reduce costs, reduce physical file storage space, reduce lost documents and get line-item detail on transactions vital in the modern business world.

Organizations of any size need to consider outsourcing their accounts payable processes to a reliable provider to stay competitive in the marketplace. But smaller companies, who may lack the scale and resources to equal those of the industry’s major players will find such an option even more valuable. By outsourcing AP processing and letting a service provider handle such tasks as data capture, imaging and even hard copy storage, a company of any size can take advantage of these emerging technologies without a large investment of staff or equipment, reducing costs while ensuring security and compliance and allowing its own employees to focus on its core competencies.

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