Why can’t everyone just get along?

Poor cooperation between finance and procurement is costing you money.

If these two departments can’t collaborate, you can’t tell how much to pay your suppliers—or what you’re paying for. And that can get expensive.

40% of companies say this terrible teamwork is draining cash.

Are you at least talking to each other?

Not enough, as it turns out. And if you’re not talking, it’s not working.

  • 58% of finance professionals work with procurement occasionally.
  • 22% admit they don’t work together at all.
  • 30% merely talk to procurement every few weeks or so.
  • 75% (in companies over 1,000) say they are not satisfied with the cooperation.

Bad relationships aren’t great for business.

  • 40% of companies say this lack of communication makes it hard to follow business priorities.
  • 39% believe it’s wasting time and money—early-payment discounts are being missed, and without a joint approach, it’s easier for fake invoices to get through.
  • 25% say more mistakes are being made.
  • 33% say it’s hurting relationships with suppliers.

It’s going to take more than a hug and a handshake.

The solution requires AP automation across procure-to-pay, covering everything from risk and supplier management to compliance and contracting. It also requires support all the way from source to pay— with every digit of spend and process data in one cloud solution, where finance and procurement teams can come together to control costs, cash and compliance.

What's the answer?

In the next three years, finance leaders want to get to full digitalization of AP? How will they get there? By moving beyond basic automation and using artificial intelligence to do the work – so invoices get coded, approved and paid, and AP teams get to go home and rest easy.

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