3 Ways Artificial Intelligence Uniquely Empowers Accounts Payable Departments to Become a Profit Center

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
  • Provide inadequate visibility

Fortunately, an emerging technology called artificial intelligence (AI) – computers and software that do things normally done by humans, and do it better over time – uniquely address these obstacles.

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6 Most Important Metrics to a Winning Business Case for AP Automation

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.

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The 4 Most Important Benchmarks for Becoming a Best-in-Class Accounts Payable Organization

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?

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6 Pro-Tips for AP to Earn a Seat at the Strategy Table

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
  • Tracking down purchasers
  • Searching for lost or misplaced invoices
  • Setting up payments
  • Reconciling payments
  • Resolving payment issues

All these manual accounts payable tasks leave little time for strategic, value-added activities.

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5 Ways that Artificial Intelligence Will Transform Accounts Payable

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 of the most critical technologies to the future of AP.

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How Eliminating P2P Friction Helps Pharmaceutical, Biotechnology, and Medical Device Firms Manage Cash

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 profit margins
• Enhance visibility into cash flow
• Lower their cost of goods

Best of all: P2P automation delivers these benefits, regardless of the legislative, regulatory and business conditions.

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3 Ways High-Tech Firms Can Eliminate P2P Friction

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 to take advantage of financial opportunities

IOFM’s latest white paper illustrates the impact of P2P friction on IT hardware and software, IT consulting and services and high-tech firms.

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How Consumer Packaged Goods, Consumer Staples and Consumer Discretionary Firms Win with P2P Automation

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.

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4 Reasons Businesses Must Transform Accounts Payable with Digital Technologies

Claim your copy of IOFM’s latest white paper and learn 4 more reasons to automate

The emerging digital trade and commerce environment will require AP departments to:

  • Process transactions more efficiently
  • Have faster access to AP information
  • Act upon information and identify opportunities more quickly

This will be a tall order in a manual or semi-automated AP environment.  

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