ÑÇÖÞȺp

In the fast-paced world of business operations, efficiency isn¡¯t just a buzzword¡ªit¡¯s a crucial factor in staying competitive. As a sponsor of the Accounts Payable Automation Trends research study conducted by The Institute of Financial Operations and Leadership (IFOL), we have seen a remarkable shift over the past three years in how Accounts Payable (AP) teams harness automation to streamline their processes and boost productivity.

Let¡¯s dive into three key takeaways on how automation is transforming accounts payable.

Takeaway #1: Automation is driving efficiency gains

Since 2023, there¡¯s been a noticeable uptick in efficiency gains thanks to the adoption of time-saving automation solutions. A promising statistic from the research shows that 52% of AP professionals now spend fewer than ten hours per week processing invoices, down from 62% just a year ago.

Moreover, manual entry of invoices into ERP or accounting systems has dropped significantly to 60%, a stark improvement from 85% in 2023.

Takeaway #2: Outdated processes are still a hurdle for many teams

Despite efficiency gains, many AP teams still face significant challenges, with 64% of respondents highlighting stress caused by outdated processes as their biggest hurdle. Additionally, 40% pointed to strained vendor relationships as a major concern.

These findings were echoed in the 2024 AP Automation Trends Revealed webinar, during which nearly three-quarters of attendees said their AP function is only partially automated, and a tenth had no automation whatsoever.

Takeaway #3: Artificial intelligence has yet to become a reality

While automation has made strides, the potential of artificial intelligence (AI) remains largely untapped in AP processes. The research findings reveal that a mere 7% of respondents currently leverage AI technologies for spend management.

However, there¡¯s a clear interest in adoption, with 40% considering its implementation within the next year.

In summary, it¡¯s clear that addressing AP process inefficiencies, enhancing vendor relationships, and breaking down the barriers to AI adoption will be imperative for driving future success.

Is your AP team ready to embrace the benefits of intelligent automation?

Read the full report to learn more about current accounts payable automation trends and how AP professionals can better navigate the rapidly advancing technology landscape.