Accounts Payable’s Big Data to Unlock Value in ‘Age of Intelligence’
Report from Ardent Partners and Corcentric predicts a new type of intelligence will transform how AP operates
CHERRY HILL, NJ – Accounts Payable (AP) leaders must leverage technology and the data it captures in order to transform themselves into intelligent operations, according to Ardent Partners’ new whitepaper ‘The State of ePayables 2019: Driving Value in the Age of Intelligence.’ The report, sponsored by Corcentric, a leading provider of procurement and financial process automation solutions, presents an industry-wide view into what is happening in the world of accounts payable today by drawing on the experience, performance, and perspective of AP and finance executives.
Ardent Partners predicts that a new type of intelligence will emerge from the increasing flow of data available to the AP function. The report refers to this as the dawning of the Age of Intelligence. “Modern AP teams should prioritize data management with a focus on extracting intelligence to improve performance and make smarter decisions,” according to Ardent Partners.
“The ability to convert data into intelligence and the ability to leverage that intelligence into a true competitive advantage is what is going to define the future of AP and Source-to-Pay as a whole,” says Matt Clark, President and COO of Corcentric. “While it can sometimes seem daunting, we strongly recommend an evolution and not revolution approach where you can work with trusted advisors to make sure you have a roadmap in place that addresses the people, process, and technology plans to get from where you are today to where you need to be.”
According to the research, best-in-class enterprises are 92 percent more likely than all other enterprises to utilize e-Invoicing as part of their overall AP program. As a result, they are avoiding error-ridden, time-consuming tasks associated with paper invoices. These operations are actively buying into the Age of Intelligence.
For further proof of the evolution of the AP function, AP leaders were asked what critical capabilities their organizations will need to develop or possess in order to improve performance:
- 90% said customer service approaches
- 77% said fraud and compliance skills
- 74% said knowledge of the full P2P process
Corcentric is a leading provider of source-to-pay services and solutions for businesses in the United States and Europe that optimize how they purchase, pay, and get paid. Corcentric’s procurement, accounts payable, and accounts receivable solutions empower companies to spend smarter, optimize cash flow, and drive profitability. Corcentric was named a 2019 ‘50 Providers to Know’ by Spend Matters and a leader in IDC MarketScape: Worldwide SaaS and Cloud-Enabled Accounts Payable Automation 2019. Since 1996, more than 6,000 customers from the middle market to the Fortune 1000 have used Corcentric to reduce costs and improve working capital. Learn more at corcentric.com.