Accounts Payable Automation a Top Trend for Improving the Procure-to-Pay Cycle
McLEAN, VA, August 11, 2015 – With enterprises realizing the continued inefficiency of mostly manual, paper-based Accounts Payable (AP) processes, new research sponsored by Corcentric, a leading provider of Accounts Payable automation and electronic invoicing software, provides insight to the top trends for improving the procure-to-pay cycle. According to “Total Transformation: Trends and Value Drivers for AP and Procurement,” written by Ardent Partners, top performing AP functions are indeed driving greater process efficiencies and delivering strategic value to the enterprise. Leading the way is the continued focus on AP automation. 83% of respondents to Ardent’s survey believe that within two years, AP processes will be largely automated.
“Ardent Partners research has shown that automation is a critical element for enterprises seeking to drive value across their procure-to-pay processes,” said Andrew Bartolini, Chief Research Officer at Ardent Partners. “When P2P processes are linked and automated, procurement and AP groups can operate on a platform that promotes collaboration, visibility, and efficiency.”
Ardent found that following AP automation, stronger AP and procurement partnerships, evolving AP staff skillsets, and greater involvement in working capital optimization are the top trends for greater efficiency. The research suggests that organizations of all sizes must leverage the strategies and technologies that can jointly transform AP and procurement, leading to significant competitive advantages.
“While many organizations are realizing the benefits of AP automation, that is just one part of the equation,” said Jim Wright, Vice President of Sales at Corcentric. “This important research suggests that a more holistic approach and breaking down silos between procurement and AP is what will ultimately drive down costs and inefficiencies.”
Corcentric is a global provider of business spend management and revenue management software and services for mid-market and Fortune 1000 businesses. Corcentric delivers software, advisory services, and payments focused on reducing costs, optimizing working capital, and unlocking revenue. To learn more, please visit corcentric.com.