How to reduce your AP department’s costs

Imagine reducing your accounts payable department’s costs by more than 40 percent.

That’s what finance departments are achieving with AP automation projects.

New research from The Hackett Group finds that AP automation and other digital transformation initiatives help the typical finance department reduce its costs by 42 percent and take a big step towards world-class efficiency.

Even best-in-class finance departments have something to gain from digital transformation.

Best-in-class finance departments are improving efficiency by 20 percent as a result of digital transformation projects. As a result, it makes them 60 percent more efficient than a run-of-the-mill finance organization.

The efficiency improvements provided by digital technologies such as robotic process automation (RPA), artificial intelligence (AI), machine learning, analytics and mobile free up staff and budget resources for value-added activities such as providing insights to drive strategic decision-making.

Inefficient finance processes are big contributors to sky-high operational costs.

What’s more, optimizing efficiency is essential to successfully competing in today’s fast-changing and unpredictable business environment, with its nonstop change and intense competition.

Best of all, smart technologies such as digital mailroom automation and intelligent data capture can deliver world-class results in notoriously inefficient finance functions such as accounts payable.  These technologies can often be implemented comparatively quickly in the cloud and with little risk, enabling finance departments to achieve major improvements in cost, accuracy and cycle times.

The study is further confirmation that digital transformation has the potential to propel finance departments to world-class results.

Is AP automation part of your plans?

If so, Edenred Pay wants to speak to you.

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Edenred Pay, an Edenred Company, is the global leader in invoice-to-pay automation. Our integrated platform connects businesses with suppliers, ERPs, banks, FinTechs, and payment rails to automate, optimize, and monetize the entire B2B payments lifecycle – from invoice receipt through payment reconciliation. Edenred Pay’s efficient, integrated solutions create a frictionless process and help deliver value to the enterprise by enhancing visibility and monetizing AP.

Visit www.edenredpay.com or contact us to learn more.