Keeping up with the speed of business: Use AP automation to get ahead
- 13 Sep 2019
Companies around the globe are scrambling to keep up with the increasing speed of business as a result of advanced technologies and the wise use of human resources. The pace of the current business world continues to accelerate, as both machines and people work smarter.
Staying ahead of the curve in a constantly changing, modern marketplace is a challenge. But corporate failure to keep up with speed in business can result in the unfortunate circumstance of being left behind. As other companies continue to do everything faster and better, competition becomes fierce; for those not at the forefront of their business, the likelihood of mistakes or problems grows more and more likely. The C-suite must stay educated about technological advances and be willing to invest in necessary updates. For finance executives in particular, AP automation is a necessary consideration in order to get on track - and to soar past the competition.
The most significant challenge business leaders face
A recent survey of the graduates of leading international business schools revealed that the speed of technological and digital advance was rated as the most significant threat facing global business leaders, surpassing even the dangers of economic, political, and environmental changes. Further, 68% of respondents felt that this was the most critical threat they would have to confront in the future.
One of the most straightforward solutions to the challenge of increasing speed in business is the intelligent implementation of cutting-edge technologies, such as AP automation. Company executives must recognize the need for a change, be willing to make the necessary transitions immediately, and foster a collaborative environment with technology partners to keep up with ongoing changes. Cloud AP automation makes this process easier with automatic, regular software updates. Plus, the cloud is ideal for remote working, collaboration, and communication from any device and location. Benchmark data collected from the cloud can also help determine if a company is on track or needs to accelerate its efforts.
Keeping up with security issues in a changing workplace
Maintaining optimum security in the workplace is a crucial component of establishing a trustworthy reputation and attracting top talent. Technology plays a significant role in overall corporate security. Implementing technologies to develop a system of checks and balances help prevent breaches, theft, and fraud.
A recent Forbes Insights survey of more than one thousand security executives and practitioners showed that 75% of companies are less than satisfied with the speed in which their security issues are resolved. Innovative technologies, such as AP automation, can improve security and operations. From vetting vendors to matching purchase orders and invoices, AP automation accurately handles routine tasks so AP professionals can focus on thoughtful ways to improve security, save money, and streamline operations.
Scaling accounts payable for business growth
AP automation plays a crucial role in scaling accounts payable for business growth. Focusing on a fix-all project rather than a viable solution leads to lengthy implementation and heavy customization, which does not address specific inefficiencies. It is imperative for companies to gain control and visibility of AP and financial processes before exponential business growth occurs. An AP automation expert can help companies find a solution that can scale to adjust to their changing requirements.
Adopting cultural and technological changes is an inevitable aspect of embracing the digital evolution in the finance industry. Savvy AP automation solutions address common concerns, from facing the end-of-the-year with confidence to finding money-saving discount opportunities like paying vendors early. As a result, the implementation of AP automation is a win for CFOs and the C-suite because of the profitable insights they can derive in real-time.
The need for speed in business has just begun. With advances such as automation, robotics, and artificial intelligence (AI), the ability to move swiftly is sure to increase in the years to come. AP automation plays an integral role in a company’s ability to excel and compete in procurement, production, and implementation.