As the Summer Olympics unfold in France, capturing the world’s attention with breathtaking performances and inspiring stories of triumph, accounts payable (AP) leaders are also pursuing their own path to excellence. Their goal? To automate their operations for best-in-class performance.
Just as Olympic athletes demonstrate unparalleled dedication and strategic acumen to achieve gold, AP leaders can glean valuable lessons from these champions as they embark on their automation journey. Understanding these lessons can help AP departments navigate their challenges and achieve remarkable success. This article reveals what AP leaders can learn from Olympic athletes.
Why automate AP?
Automation is a top priority of AP departments of all sizes. Here are some of the reasons why:
- Efficiency gains. One of the primary drivers for AP automation is the quest to do more with less. Automated systems can handle repetitive tasks such as data entry, approval routing, and reconciliations with greater speed and accuracy than manual methods. This leads to a more productive and agile department, capable of managing higher transaction volumes easily.
- Reduced costs. Another compelling reason for AP automation is the potential for big cost savings. By reducing the reliance on manual processes and minimizing errors, automation helps lower overhead. Streamlined workflows allow resources to be allocated effectively. And electronic payments can be made at a fraction of the cost of paper checks. Some invoice-to-pay solutions even provide cash-back rebates on qualifying payments. That’s money that can be used to offset the cost of automation or the overhead of an AP department.
- Fewer errors. Accuracy is crucial in financial operations. A single typo or transposed number can result in downstream exceptions that waste employee time and potentially delay the financial close. AP automation reduces the possibility of errors by minimizing human operator intervention. Invoice data is captured with nearly flawless accuracy. And digital rules-driven workflows ensure that transactions are processed accurately and efficiently.
- Streamlined compliance and reporting. Automation simplifies compliance with regulatory requirements. User access permissions, automated segregation of duties, systematic workflows, audit logging, and other built-in controls safeguard sensitive financial information. And graphical dashboards, drill-down capabilities, and mobile access put smart insights at the fingertips of the decision-makers who need them, when they need them.
By embracing automation, AP leaders can significantly enhance their department’s operations.
Automation challenges and pitfalls
Despite the clear benefits of automation, AP leaders may encounter challenges and pitfalls along their journey. These obstacles can be likened to the hurdles faced by Olympians who strive to overcome their own set of difficulties on the path to victory. Here are some common automation challenges:
- Much like Olympians who must overcome self-doubt and external skepticism, AP leaders often face resistance to change within their organizations. Staff may be hesitant about learning how to use a new system or the impact of technology on their job security.
- Integration issues. Integrating AP automation solutions with existing systems can be a significant challenge, like how Olympians must adapt their strategies to match their competition’s strengths and weaknesses. Ensuring that new technology complements rather than disrupts current financial workflows requires careful planning and coordination.
- Just as athletes protect their physical health, AP leaders must safeguard sensitive financial data. Automation systems need to be equipped with robust security measures to prevent data breaches and unauthorized access, ensuring that financial data remains secure.
- Technology overload. Olympians continuously refine their techniques to stay ahead of the competition. Similarly, AP leaders must keep pace with evolving technologies, such as artificial intelligence (AI) and analytics. Regular updates and optimizations of automation systems are necessary to leverage the latest advancements and maintain peak performance.
These challenges can feel overwhelming at the start of an automation journey. But learning from the resilience and adaptability of Olympians can provide key insights into overcoming these challenges.
Lessons from gold medal Olympians
The journey of achieving automation excellence in accounts payable parallels the path of Olympic athletes striving for gold. The lessons learned from the dedication and success of the greatest athletes in the world can offer valuable guidance for AP leaders seeking to optimize their operations.
- Commit to continuous improvement. Gold medal Olympians achieve their success through relentless practice and a commitment to continuous improvement. AP leaders should adopt a similar mindset by regularly evaluating and refining their automation processes and staying abreast of the latest technologies (e.g., generative AI). This continuous assessment helps ensure that the system remains effective and aligned with evolving business needs.
- Embrace a strategic approach. Olympians develop comprehensive strategies to achieve their goals, considering their strengths and competition. AP leaders should also craft a strategic plan for automation, including a clear roadmap, realistic milestones, and a well-defined vision for success. This strategy should be shared with stakeholders (e.g., frontline staff). A strategic approach helps guide the automation journey and maximizes its benefits.
- Prioritize training and support. Just as athletes rely on coaches and support staff, AP teams need proper training and support to fully leverage automation. Investing in employee education, leveraging tools from Fintechs, and providing ongoing staff support ensures that the new systems are utilized effectively, enhancing overall productivity and efficiency.
- Celebrate small wins. Olympians celebrate incremental achievements on their path to gold, and AP leaders should recognize and celebrate small milestones during the automation process. Acknowledging these successes boosts morale and reinforces the value of the automation initiative. Small wins also confirm that you’re doing the right things.
- Adapt and innovate. Successful Olympians are agile and open to innovation, continually refining their techniques. AP leaders should also be flexible and embrace new technologies and methodologies to enhance their automation efforts and stay ahead of industry trends.
Leveraging these lessons will help ensure the success of your AP automation initiative.
Conclusion
The pursuit of automation excellence in accounts payable can benefit greatly from the lessons learned from gold medal Olympians. By adopting a mindset of continuous improvement, strategic planning, and adaptability, AP leaders can achieve their own version of success. Embracing these lessons will help AP leaders pave the way for a more efficient and effective financial operation.
