Blog | October 16, 2019 | by Dan Andrew

Digital Transformation Makes Accounts Payable an Organizational Hero [White Paper]

In a recent white paper, “The State of ePayables 2019,” Ardent Partners, in collaboration with Corcentric, details how new technology, like ePayables, is transforming accounts payable into a strategic player in organizations.

Technology and innovation continue to accelerate at an exponentially quick pace. For many businesses, there is a real challenge in keeping up with these advances. Yet, not keeping pace with innovation can result in shortchanging potential benefits.

When accounts payable departments began implementing automation solutions for their invoice receipt and approval workflow processes, many organizations considered the time and cost savings resulting from implementation would be the only major benefits realized. Recently however, many enterprises have begun to see a different path. They understand that a holistic approach to the use of digital technology and data capture will lead to a true transformation of functions throughout the organization, including accounts payable.

Ardent Partners, in collaboration with Corcentric, has produced a must-read white paper, “The State of ePayables 2019.” The paper tracks the significant changes, both in perception and practice, now happening in AP.  This new “Age of Intelligence” can create value for the organization overall.

The current perception of accounts payable

Ardent Partners research shows how companies have revised their view of the value of AP. Rather than being relegated to the position of a simple, repetitive back-office function of little value (21%), a majority (55%) now consider the function to be exceptionally or very valuable. Technology has contributed to this reevaluation through:

  • Significant cost and time reductions – Less paper and manual handling means less people working on repetitive tasks that can be handled faster and more efficiently through automation. That frees up staff to work on more strategic initiatives
  • Visibility – Instead of operating in silos, a holistic approach promotes collaboration between functions like procurement and AP, allowing both sides to make better informed decisions.
  • Real-time intelligence – As companies try to do more with less, having access to financial data that shows how the enterprise is performing from a spend management and cash management/financial perspective.

Taking your accounts payable to the next level with full digital transformation

Our collaboration with Ardent Partners has resulted not only in the publication of the full State of ePayables 2019 research; it has also provided deeper dives into each of the highly informative and valuable components. You can download any or all of these insightful papers.

State of Accounts Payable – Companies have moved their perception of AP from the back-office to a more important and strategic role. So,  what is keeping them from deploying more advanced technology and analytics? See the top priorities for AP and what barriers are hampering more intensive implementation.

State of ePayables – Discover the latest technologies that companies are either already or plan on leveraging to create a holistic digital transformation of their AP functions. Find out how smarter systems lead to touchless invoice and payment management through straight-through processing.

Best-in-Class Accounts Payable – What is it that allows leading organizations to have an invoice exception rate of 1 percent while others average 23.3 percent exceptions? Why do top teams spend $2.18 to process a single invoice while others are still spending an average of $12.60? Learn how best-in-class AP teams turned potential success into reality.

Strategies for Success – Whether you’ve already begun the journey towards digital transformation or plan to do so, you need to know the necessary steps to take. This chapter will address, among other things, how to position AP to add value to other parts of the business. The most important lesson … this is a marathon, not a sprint. The rewards you will reap at the end will be well worth the effort.

In addition to downloading these important papers, you can also download our recent webinar, State of ePayables 2019.