What if your AP department could realize a positive ROI and transform itself into a profit center?
Organizations are doing just that by reducing the cost of processing invoices and paying suppliers while earning cash-back rebates on electronic payments and capturing more early-payment discounts.
While this may sound too good to be true, many AP departments have successfully transformed themselves into a profit center, rea… Read More
Businesses are rethinking their approach to accounts payable. It is no longer enough for accounts payable to pay suppliers on-time. Businesses now expect accounts payable to help drive profits.
But efforts to transform accounts payable from a back-office function – a cost center – and into a profit center are being undermined by manual and semi-automated accounts payable processes that:
- Cost too much
- Take too long
If the stubbornly high number of organizations that process invoices in a manual or semi-automated environment has proven anything, it’s that many AP and P2P leaders still struggle to articulate the value of automation and justify the expense and time to senior management.
Many AP and P2P professionals helplessly watch as their automation budgets are slashed, or their automation projects are rejected or postponed.
AP and P2P professionals cite… Read More
Best-in-class Accounts Payable organizations have it all figured out.
Compared to their peers, the Accounts Payable processes at best-in-class organizations:
• Cost less
• Are more accurate
• Take less time
• Provide better visibility
• Result in fewer inquiries from suppliers
What’s the secret of best-in-class accounts payable organizations?
IOFM's latest white paper digs through exclusive benchmark data to uncover the four benchmark… Read More
What if over two-thirds of the people around you didn’t think much of the work you do?
More than three-quarters of senior managers believe that accounts payable is a tactical back-office function.
Why? Perhaps it’s the deluge of work accounts payable departments go through each day:
- Setting up suppliers
- Gathering payment details
- Collecting tax forms
- Keying invoice information
- Matching invoices with purchase orders and shipping documents
Let IOFM show you 5 ways that artificial intelligence will transform AP
Artificial intelligence – or AI – promises to fundamentally change the way that AP operates.
AI is much more than robots replacing human tasks.
AI automates routine functions such as data capture and workflow routing, while:
• Improving decision-making
• Enhancing forecasting
• Mitigating potential compliance and fraud risks
See why AP leaders say AI will be one o… Read More
Pharmaceutical, biotechnology, and medical device manufacturing firms are facing legislative uncertainty, mounting regulatory pressure, volatile economic conditions. It is for these reasons that more firms in this space are automating their Procure-to-Pay (P2P) processes.
Eliminating friction in the P2P cycle with technologies such as electronic invoicing helps pharmaceutical, biotechnology, and medical device manufacturing firms:
• Improve pro… Read More
In the fast-changing, hard-driving world of IT hardware and software, IT consulting and services, and high-tech, businesses cannot afford to be bogged down by inefficient Procure-to-Pay (P2P) processes.
But that’s exactly the scenario businesses in this space face when relying on antiquated, paper-based approaches to paying suppliers. P2P friction:
- Chips away at profit margins
- Strains supplier relationships
- Impedes a high-tech firm’s ability
Consumer packaged goods, consumer staples, and consumer discretionary firms have traditionally viewed Procure-to-Pay (P2P) as a necessary business expense, to be managed as efficiently as possible. Achieving strategic business objectives through P2P automation was not a priority. But that’s all changing.
Consumer goods firms have grasped the potential of P2P to drive working capital optimization. This is leading to a fundamental change in what… Read More
Let IOFM Show You How To Mitigate Fraud
Businesses lose millions of dollars annually to rising check and electronic transaction fraud.
In fact, thieves steal more through check fraud than through bank robberies!
Fraud is now a permanent risk that businesses must be prepared for.
U.S. corporations spend more than $50 billion annually in technology and services to mitigate the potential risks of fraud. But most corporations are not as focused on… Read More