Transforming AP: Collaboration Connects Accounts Payable to Strategic Business Processes
Many organizations work like pantomime horses. The front part is blind to what is behind it and the later parts wobble along with it. An absence of inter-functional communication, information sharing and collaboration causes hurdles to growth. It restricts an organization from implementing an enterprise-wide strategy in a unified manner. Many functions, when not viewed as strategically important, tend to operate in silos, thus failing to yield as per their fullest potential. Lending greater visibility to such functions and their true integration with other functions can deliver advantages that are unimagined hitherto.
Accounts Payables (AP) is one such area. Although ignored by many, AP has the potential to provide strategic inputs to multiple core functions. A fully automated AP function can unleash its collaborative potential with other core functions and deliver tremendous cost and knowledge efficiencies to the whole organization.
Some statistics on AP Transformation:
- A high number of Senior Finance Executives (about 58%) believe AP processes are of “High value: A critical component of business”
(Source: IOFM Senior Finance Executive Report)
- However, very few (just 8%) of AP departments focus on analytic and strategic activities (e.g. cash management, discount capture, spend analysis) which result from a high degree of process automation and visibility.
(Source: AP Network’s State of Accounts Payable 2015)
In this whitepaper, we will discuss how Accounts Payables (AP) department can support and transform other core business functions by communicating and working closely with them.
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