A digital transformation through AP automation is allowing accounts payable department to implement and leverage all the available digital methods and accounts payable processes, allowing these AP departments to successfully accelerate their impact on entire organizations. Electronic Invoicing is the optimum solution for eliminating slow paper processing while automating the entire payables process.
Leveraging Digital Innovation
Digital transformation isn’t about technology only; it’s also about being able to leverage the very latest in innovations for the express purpose of creating automation opportunities while delivering improved data that ultimatelty leads to more intelligent business decisions. Let’s take a look how it works from start to finish – Creating an invoice (e-invoice) to fully automating an AP department (AP Automation):
Based upon the amounts of data that many organizations are managing, digital transformation is necessary going forward for any organization. The actual amount of data that’s processed daily is 2.5 quintillion bytes, according to IBM. In addition, 90 percent of all worldwide data was created just during the past two years. And, projections are that it could double during the next 18 months. So, obviously more data is not necessary but what is an absolute necessity involves better access to methods of creating, managing and automating all that data in a way that could result in making a genuine difference in how we do business. So, in AP Automation, we simply start with an e-invoice.
Let’s face it, data isn’t of much value unless it can be effortlessly viewed and freely shared in a way that will make your business much more effective. The majority of businesses, prior to automation, are dealing with mountains of paperwork in their daily operations. These can include invoices, acquisition forms, expense reports, payroll data, purchase orders, and much more in some cases. Paper documents go from one department to another to acquire approvals and/or changes in each department. Now with AP Automation, AP departments are collaborating teams in every department to begin working more efficiently and at top-speed.
Based upon the artificial intelligence revolution that’s going on these days, according to predictions included in the annual Gartner Hype Cycle for Emerging Technologies (2016), mainstream adoption of AI is only about two to five years off. And, since AI and AP Automation go hand-in-hand, it’s fairly obvious that the path to creating, viewing, and automating your accounts payables is just one step and one well-placed decision away.
As IT systems continue growing exponentially along with the number of accounts payable solutions, manual systems are increasingly becoming extinct. The systems of today are just becoming way too large and complex to continue running completely manually by working without the benefit of automation. In fact, manual operations are largely unsustainable for numerous enterprises and in practically all industries.