We often discuss how to build a Best-in-Class AP department with improved AP efficiency, better cash flow visibility, and cost reduction. However, as Andrew Bartolini and Matthew Delman discuss at Payables Place in their article, Who Benefits from AP Automation? automating accounts payable benefits more than just the AP team.
In reality, the entirety of the enterprise stands to gain significant advantages from increasing the use of technology in the AP workflow.
AP automation, while ostensibly only for the accounts payable team, actually has a much wider impact than the simplification of the invoice-approval workflow. Both internal stakeholders, such as procurement and treasury, and external stakeholders, such as suppliers, stand to garner immense benefits from the AP automation process. Knowing the benefits and communicating them are, however, two very different things. That’s why understanding the types of metrics that stakeholders are interested in can be tremendously powerful; the only tactic now is to find those metrics and understand them.
Recently DocStar had a detailed conversation with AP experts PayStream Advisors to help build a business case for automating AP beginning with current state assessment:
Completing an assessment allows greater visibility to “potholes” and how your department can become an innovator and ultimately benefit more than just the AP team. Watch our on demand webinar to understand the cost of paper, then identify the habits of AP role models.