Securing Software Solutions To Increase Operational Performance
AP AUTOMATION FACT SHEET
For those in the C-Suite, the ever-present pressures of increasing operational performance likely prompt consistent search for effective software that can automate workflow without compromising costs. Adopting the correct Accounts Payable (AP) automation tool for one’s company is integral for achieving optimal performance and is decision that should not be taken lightly.
At the outset, it is important to understand the needs of one’s own business. Some organizations outsource certain operational processes, such as AP automation. This solution can be advantageous in that an experienced provider can help achieve cost savings, process with accuracy, adhere to regulatory requirements, and can complete AP tasks more rapidly. Conversely, automating AP tasks in-house may be advantageous when security concerns are raised, and when control and flexibility are important. Whichever path is chosen, it is important to visualize where the software solution fits into the existing framework.
Adopting software should consider the details of the AP process and verify that the user-interface is easy and secure for data entry, manipulation, and reporting. clearly-defined process should be created between the software and other businessesystems, and the chosen software should be able to accommodate irregular transactions, volume fluctuations, and manual processing requirements. Maintenance of the software and other associated costs, as well as any additional data storage or storage infrastructure costs should be evaluated.
Another factor to consider is whether the software solution can create single, centralized repository for documents, data and associated workflow. Automation software should facilitate streamlined access, document indexing, review, editing and approval. Likewise, the software should prompt automatic notifications at each step of the process and review, and should incorporate powerful analytics to help improve performance.
Ultimately, when making the decision to adopt an AP automation process, it is important to understand the needs of one?s own business, to consider the cost of both short-term and long-term maintenance, and to evaluate the software with the technology, infrastructure, security and connections necessary to operate it. Once these steps are taken, the right software solution can streamline and optimize business performance and save valuable resources in the process.
