One of the biggest challenges faced by AP leaders is finding the balance between executing today’s operations and evaluating tomorrow’s technology.
To help you clear those hurdles, here’s an overview of the 5 biggest trends in payment innovation as ranked by Ardent Partners in its State of ePayables report.
Leading technologies in the consumer space continue to cross into corporate culture.
Mobile applications provide on-demand access for AP functions, allowing stakeholders to approve invoices and view real-time financial data from smartphones and tablets.
- Blockchain Technology
Cryptocurrencies spurred the development of blockchain technology, a continuously growing digital database consisting of data blocks and secured using cryptography.
Because each block contains its own digital fingerprint, blockchain technology can increase the efficiency of AP transactions and provide detailed visibility.
Robotics and robotic process automation (RPA) often get a bad rap as job eliminators when in fact, they should be seen as tools to elevate the level at which employees perform.
RPA can replace manual, labor intensive processes and allow AP staff to focus on more meaningful tasks, including supplier relationship management.
- Agile Analytics
Today’s AP functions rely heavily on payment data to inform crucial business decisions that can have enterprise-wide repercussions.
Agile analytic platforms provide the ability to dig deeper into payment data and transform the collection and prioritization of data, giving stakeholders the information needed to make strategic decisions in real-time.
- Artificial Intelligence (AI) and Machine Learning (ML)
Pure analytics provide informational data points, but AI and ML go beyond by having the capability to mimic human thought.
This cutting-edge technology can analyze financial transactions to uncover key patterns which have the potential to significantly impact AP management.
Utilizing technology to transform AP processes can be daunting, which explains why only 51% of organizations currently utilize automated data capture solutions – the first step in AP innovation.
But as technologies continue to take root and evolve, adoption will become necessary to maximize operations and stay competitive. In fact, 71% of respondents believe “smarter” systems that drive greater efficiencies are the most essential element for AP success in the future.
Is your organization prepared or will it be left behind?