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It’s been an interesting few years in the AP automation space, firstly with the shift away from on premise solutions and the journey into the cloud, and secondly with the new processes and possibilities that have opened up on the back of disruptive technology. Of course, the solutions that a technology company produces can be both the driver of new processes and a reflection of the current trends and needs it serves. As a result, a lot of agile new companies have sprung up over the last 4 or 5 years offering bespoke solutions servicing very specific needs.
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By guest contributor Art Sarno, Product Marketing Director, Kofax, a Lexmark Company
Accounts Payable automation solutions come in a variety of shapes and sizes, ranging from raw technology (capture, workflow) to purpose-built solutions, applied to sub-processes or the end-to-end process. During the adoption process, companies typically identify the focus of their automation initiative (what is slow and cumbersome, error-prone, or costly), research vendors of proven technologies, including delivery and support. Once the solution is selected, next is the implementation process, deployed according to organisation’s specifications. Beyond insuring that the solution is appropriate for a modest increase in the volume of invoices processed, there is little focus on how the solution will need to evolve in the future.
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Over the last few years there’s been a shift towards creating a centralised P2P function, connecting AR, AP and Procurement in a way which would have been unthinkable until relatively recently. It’s a journey which has had mixed results along the way.
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Accounts Payable Automation
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