AP invoice automation insights by Medius

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Key Takeaways from Webinar: How AP Automation Supports 2019 Business Goals

Discover the compelling key takeaways from Medius’ recent 45-minute webinar featuring a panel of AP experts offering insights about how AP automation supports 2019 business goals.

Medius’ recent 45-minute webinar featured a panel of AP experts offering unique, valuable experience about the importance of AP automation in the modern business world. Attendees participated by submitting industry-specific questions and feedback. Consider the key takeaways on how AP automation supports 2019 business goals and why every company needs to include this imperative transition into this year’s overall plan.

Meet the Exec

The webinar kicked off with an executive introduction from Marc Bandini, President, Americas, who provided a broad overview of the benefits of AP automation. The C-suite and finance team get the advantage of real-time data for transparency in operations. And AP automation simplifies time-consuming processes of the past with a notable ROI - companies that integrate automated solutions experience up to 75 percent reduced lead times, and 80 percent reduced processing cost. These bottom-line boosters support the case for adopting AP automation to achieve - or even exceed - business goals in 2019. 

AP Function of the Future and the Role Invoice Automation Will Play

After the initial comments from Marc, Mary Schaeffer, the founder of AP Now, took the floor to discuss the Fourth Industrial Revolution, Fifth Industrial Revolution, robots, and the power of technology today and in the future. She shared forward-thinking insights on the inevitable role invoice automation will play in a company’s reputation and bottom line. Some of the key takeaways from her sage presentation include:

The modern business world is part of a Fourth Industrial Revolution focused on automation and data - the First Industrial Revolution started in the 18th century and progressed in three stages based on mechanization in textile, the introduction of the assembly line, and the digital revolution.

Today and in the near future, we are approaching a fifth industrial revolution - some would argue it’s part of the fourth - that includes automated intelligence (AI) and robots with humans and robots working together.

Mary offered an overview of robots, bots, automation software, and the inevitable changes that will come with RPA. Robots are fast, efficient, and give the AP team for more value-adding work. As some AP professionals question their role - if any - in a world with robots performing work once done by humans, Mary outlines the historical need for change and evolution, and how there are always roles for flexible professionals who are willing to embrace these changes.

People who learn the value of databases and automation, and engaged in ongoing training, will continue to have an active role in daily operations. Skilled professionals should be willing to educate themselves through webinars, and other resources will remain relevant in the future as automation takes on more work in the AP department. With fewer manual tasks to perform, the AP team will enjoy a better quality of work that has an impact on the whole company.

Discover the 3 C’s of AP Automation Benefits 

Then Daniel Saraste, VP Product Marketing, discussed the 3 Cs of automation benefits. These Cs include cost, cash, and compliance - three of the most significant concerns the AP team and C-suite face each day. 

Instead of struggling to stay on top of manual processes and search for patterns and problems, AP automation takes care of routine tasks to give the AP team more time for thoughtful tasks, such as finding money-saving opportunities to improve cash flow and ensure compliance to help the company realize its business goals. Daniel offered an overview about AP systems along with reasons to improve processes - such as the perils of complacency - and how to make the transformation to automated solutions to take control of cost, cash, and compliance at all times. 

AP Manager Alert: The Digital Transformation Journey

The insights shared by AP experts during the webinar revealed how the perfect combination of AI, AP, and automation streamlines operations, provides transparency in real-time and helps increase cash flow. A combination of these advanced AP technologies is a match designed to benefit businesses of all types and sizes. 

Learning new technologies and skills is crucial for the AP team to move forward into modern and more efficient business practices. Manual AP systems are time-consuming and increase the likelihood of errors. The smart adoption of AP automation improves accuracy and the bottom line. It is easy to implement and learn automated AP systems. And the risks of being left behind increase as companies, including small businesses, around the globe adopt AP automation as the norm. Adopting this technology now is crucial to stay ahead of the curve and meet your business goals.

Key Questions and Answers

Before the question and answer session, a case study was presented by Daniel Shore, former AP Manager, Briggs Equipment. During this role in the company, a total of 18,000 invoices were processed monthly, and most of them were paper-based. There were no metrics for reporting on efficiency, and the company missed value-adding payment discounts and experienced long delays in getting invoices approved. 

With the implementation of AP automation came better insight and more control. Efficiency soared with a 66 percent touchless rate, 82 percent automatic distribution rate, and an impressive 30 percent business growth. The journey of continuous improvement included working with new features, supplier optimization, reporting, visibility, efficiency, and scalability. Participants then had an opportunity to engage in a question and answer segment with the experts. 

Medius is proud to offer free, educational webinars to help AP professionals navigate the inevitable and exciting changes of today and the future. Progressive AP automation systems support 2019 business goals as well as the goals of tomorrow by helping the financial team and management work in together in real-time to achieve them. Do it now to remain progressive and relevant in a global marketplace that readily embraces the latest technologies. 

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