Accounts Payable is poised to become the central “hub” of intelligence for the average company, according to a survey of 175 industry leaders conducted by Ardent Partners. In the survey, respondents listed the goals for their AP organizations for the next 24 months:
- Automate more AP processes: 53 percent
- Improve collaboration and process linkage between AP and procurement: 37 percent
- Reduce operational costs on AP-related processes: 33 percent
- Transform AP into a more strategic and agile business function: 30 percent
- Improve commercial card programs: 17 percent
Achieving these goals, however, will require technological advancements. But the investments required to make those advancements possible will be worth the cost, because AP automation can reduce costs, improve processing speed and increase overall efficiency. In its report, Ardent predicts continuing advances in AP technology will make the process more seamless and available to companies that previously didn’t have access to it, whether for budgetary or other regions.