Weekly Roundup – AP Automation Phases, ERP Replacement, & Using Big Data With Finance

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Secrets of World-Class AP Departments: Best Practices in AP Automation

World-class AP departments know things that their peers do not. But on February 19th at 2 pm ET, when are going to give you all their secrets!

Together with Matt Delman, AP Expert at Ardent Partners we will be hosting a 30 minute interview to divulge: Secrets of World-Class AP Departments: Best Practices in AP Automation.

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Using a Phased Approach for AP Automation for Success

Consider the key phases of AP Automation when designing a strategy. The phases involve scanning and storing documents, reading and leveraging the data, and processing any invoices electronically. This helps streamline the AP process, allowing it to be completed faster and more efficiently.

“By starting in phase one, and growing and expanding toward phases two and three, you capitalize on immediate savings and efficiencies while avoiding the pitfalls of an undertaking that may be so complex and overwhelming that you’ll miss the mark.”

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4 signs that it is time to replace your ERP system

Various signs of an ERP system in need of replacement are: obsolete or fragmented systems, functional limitations, reporting and analytical limitations, and lack of mobility.

“You should always be keeping a close eye on whether your enterprise business applications are keeping up with the changes in your business and its environment as well as whether you are taking full advantage of the today’s technology. It is a good idea to do a frequent gap analysis to see whether your ERP system still meets your needs.”

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Finance Should Hurry to the Big Data Party

What can Business Intelligence do for a CFO? With the Big Data that BI can pull, CFOs can use it with financial planning and analysis tools to improve the accuracy of financial predictions.

“More businesses today are learning to leverage large sets of fresh data — Big Data — to better understand customer needs, desires and influences. But some observers contend that finance has been late to the party. That’s a problem. Leveraging Big Data without getting finance involved to analyze the likely financial outcomes of competing scenarios will inevitably lead to Big Disasters.”

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