AP invoice automation insights by Medius

Live Webinar Oct 24: Accounts Payable and the Data Driven Future Learn More & Register
Self-Assessment Checklist What is your AP organization's level of automation? Download Checklist
On-demand Webinar: How AP Automation Supports 2019 Business Goals Learn More
White Paper The Modern AP Manger's Automation Toolbox Download Now
On-Demand Webinar Prepare AP for the Age of Digital Transformation Watch Now
On-Demand Webinar Top 3 KPIs AP Needs To Know Watch Now

Keeping Up With the Speed of Business: Use AP Automation to Get Ahead

The speed of business is moving rapidly in the modern global marketplace and savvy businesses are learning how to stay ahead of the curve with AP automation.

Companies around the globe are scrambling to keep up with the increasing speed of business as a result of advanced technologies and the wise use of human resources. The breakneck pace of the current business world continues to accelerate as machines, and people get smarter.

Staying ahead of the curve in a constantly changing, modern marketplace is a challenge. But corporate failure to keep up with the pace can result in the unfortunate circumstances of being left behind. As other companies continue to do everything faster and better, the competition becomes fierce and the likelihood of mistakes or problems for those falling behind grows more and more likely. The C-suite must stay educated about technological advances and be willing to invest in necessary updates. Particularly for finance executives, AP automation needs to be considered to get on track and ultimately, soar past the competition.

The Most Significant Challenge Business Leaders Face

A recent survey of the graduates of leading international business schools revealed the pace of technological and digital advance was rated as the most significant threat facing global business leaders, surpassing the ever-surmounting threats of economic, political, and environmental changes. Further, sixty-eight percent of the respondents felt this was the most critical threat they would have to deal with in the future. 

One of the most straightforward solutions to this common problem is the intelligent implementation of cutting-edge technologies, such as AP automation. Company executives must recognize the need for a change, be willing to make the necessary transitions immediately, and foster a collaborative environment with technology partners to keep up with ongoing changes. Cloud AP automation makes this process easier with automatic, regular software updates. Plus, the cloud is ideal for remote working, collaboration, and communication from any device and location. Benchmark data collected from the cloud can also help determine if a company is on track or needs to accelerate its efforts.

Keeping Up With Security Issues in a Changing Workplace

Maintaining optimum security in the workplace is crucial to establish a trustworthy reputation and attract top talent. Technology plays a significant role in overall corporate security. Implementing technologies to develop a system of checks and balances help prevent breaches, theft, and fraud.   

A recent Forbes Insights survey of more than one thousand security executives and practitioners showed that 75 percent of companies are less than satisfied with the speed for resolving security issues. Innovative technologies can improve security and operations, such as the adoption of AP automation. From vetting vendors to matching purchase orders and invoices, AP automation accurately handles routine tasks so AP professionals can focus on thoughtful ways to improve security, save money, and streamline operations.

Scaling Accounts Payable for Business Growth

AP automation plays a crucial role in scaling accounts payable for business growth. When companies focus on fix-all projects rather than viable solutions, it leads to lengthy implementation and heavy customization which does not address specific inefficiencies. It is imperative for companies to start the process of gaining control and visibility of AP and financial processes before exponential business growth occurs.  An AP automation expert can help companies find a scalable solution.

Adopting cultural and technological changes is an inevitable aspect of embracing the digital evolution in the finance industry. Savvy AP automation solutions address common concerns ranging from facing the end-of-the-year with confidence to finding money-saving discount opportunities, such as paying vendors early. As a result, the implementation of AP automation is a win for CFOs and the C-suite because of the profitable insights they can derive in real-time.

The need for speed in business has just begun. With advances such as automation, robotics, and artificial intelligence (AI) the ability to move swiftly is sure to increase in the years to come, with AP automation playing an integral role in a company’s ability to excel and compete in procurement, production, and implementation.

Related content
Invoice Data Capture - a Small But Essential Part of AP Automation How AP Automation Performance Metrics Tie Into Accounts Payable Goals Setting The Manufacturing Process and AP Automation: Improve Supply Chain Management Untapped Reviews the Microsoft Digital Transformation Academy 2019 Event