Accounts Payable Automation a Top Trend for Improving the Procure-to-Pay Cycle
Collaboration between AP and procurement teams utilizing AP automation deliver savings and efficiencies across the enterprise
MCLEAN, VA, August 11, 2015 – With enterprises realizing the continued inefficiency of mostly manual, paper-based Accounts Payable (AP) processes, new research sponsored by Corcentric, a leading provider of Accounts Payable automation and electronic invoicing software, provides insight to the top trends for improving the procure-to-pay cycle. According to “Total Transformation: Trends and Value Drivers for AP and Procurement,” written by Ardent Partners, top performing AP functions are indeed driving greater process efficiencies and delivering strategic value to the enterprise. Leading the way is the continued focus on AP automation. 83% of respondents to Ardent’s survey believe that within two years, AP processes will be largely automated.
“Ardent Partners research has shown that automation is a critical element for enterprises seeking to drive value across their procure-to-pay processes,” said Andrew Bartolini, Chief Research Officer at Ardent Partners. “When P2P processes are linked and automated, procurement and AP groups can operate on a platform that promotes collaboration, visibility, and efficiency.”
Ardent found that following AP automation, stronger AP and procurement partnerships, evolving AP staff skillsets, and greater involvement in working capital optimization are the top trends for greater efficiency. The research suggests that organizations of all sizes must leverage the strategies and technologies that can jointly transform AP and procurement, leading to significant competitive advantages.
“While many organizations are realizing the benefits of AP automation, that is just one part of the equation,” said Jim Wright, Vice President of Sales at Corcentric. “This important research suggests that a more holistic approach and breaking down siloes between procurement and AP is what will ultimately drive down costs and inefficiencies.”
The new white paper can be downloaded by visiting www.corcentric.com/resources/ardent-partners-total-transformationtrends-and-value-drivers-for-ap-and-procurement.
Corcentric, a wholly-owned subsidiary of AmeriQuest Business Services, LLC, provides cloud-based financial process automation solutions that have revolutionized how the world’s largest organizations manage and protect their financial assets. By connecting best practices with deep expertise, Corcentric’s Accounts Payable and Accounts Receivable automation solutions enable organizations to reduce costs, streamline processes, and provide unmatched visibility executives need to make critical business decisions. For more information, visit corcentric.com.