AP transformation is not a new concept in these times. However, Accounts payable teams have long strived to manage the quality of their programs through ERP controls and reporting functionality. But ERP controls are designed around configuration rules and access rights; they do not assess the quality of transactions, nor are they built to assist finance teams in driving process improvements.
The resulting reality was when AP professionals spent countless hours combing through reports and data. Furthermore, this was an attempt to find anomalies (often with little to show for their effort).
Enter, AI and with it, the ability to automate the accounts payable process and layer technology across the P2P landscape to continuously monitor every transaction, examine every vendor, check every purchase order, audit every invoice, and scrutinize each payment.
The secret sauce: A touch-less accounts payable process
Imagine if you were able to work in a “touchless” accounts payable department. The “touchless” AP transformation process utilizes a combination of Procure to Pay (P2P) automation and accounts payable best practices. Examples of P2P automation enablers that lead to a “touchless” accounts payable process include:
- A supplier portal with self-service onboarding.
- eInvoicing with general ledger interface.
Hence, the “Touchless” AP transformation process isn’t too difficult to achieve! Additionally, A savvy account expected leader should have the strategy in place to move to a paperless environment.
Read to access –
1) NASA – A Case study
2) The Secret sauce: A touch-less AP process
3) Applying the secret sauce
4) Overview of components to enable the “touch-less” AP process.
5) Realizing the benefits
6) Five ways that AI can impact AP
7) Activities in the Finance Function that you can automate