AP is at a pivotal crossroads. Organizations are faced with the decision to either continue down old roads towards costly, manual processes or explore new roads paved by cutting-edge technology. To get a better understanding of what path organizations will take, Ardent Partners surveyed financial professions from around the world to find out what the future of AP has in store.
They found that the speed of technology and automation innovation in the finance industry today will make a significant impact on the entire AP landscape tomorrow. The survey also revealed that the perception of AP is changing. In fact, 52% of finance professionals see AP as either exceptionally or very valuable up from 33% the year before. This continues a trend over that last few years as organizations realize the strategic potential of AP beyond a tactical function.
Of course in order for AP to move from a tactical function to a strategic one, it will have to solve some of its biggest challenges – a high percentage of exceptions being the top issue identified in the survey. 41% of organizations found the rate of invoice exceptions to be the most frequent cause of AP bottlenecks.
These exceptions require employees to spend time resolving the issue by seeking out missing information or correcting errors in the invoice data. In addition to taking time away from more value-added activities, these delays can also prevent the organization from benefiting from early pay discounts and strain relationships with suppliers.
Join industry experts as they discuss more key findings including:
• 2018 ePayables benchmarks and capabilities
• An in-depth analysis into the future ePayables framework
• Best-in-Class AP insights and strategies for success
• How technology innovation will shape the future of AP
• Strategies organizations can put in place for AP success
Watch Ardent Partner’s on-demand webinar to learn more: “The State of ePayables 2018: The Future of AP Is Now”.
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