Two enterprise technology service providers are joining forces in an effort to simplify corporate accounts payable processes.
An announcement made Tuesday (Dec. 29) said tech firm TekStream Solutions and business technology solutions company Inspyrus will collaborate on an AP automation solution, each providing their own expertise to the new tool.
TekStream will contribute its Oracle WebCenter Imaging delivery services, integrating Inspyrus’ invoice automation tool, to create an AP automation service for Oracle WebCenter customers. Their partnership aims to increase the adoption of the solution, deemed the WebCenter Accounts Payable Automaton tool.
In a statement, TekStream Solutions Chief Executive Officer Rob Jansen said the solution will “dramatically reduce costs associated with the accounts payable function in enterprise companies.”
[bctt tweet=”AP automation can ‘dramatically reduce costs.'”]
He added that it will integrate into businesses using the Oracle E-Business Suite, SAP, Infor and other platforms.
Automated services are in high demand among accounts payable professionals, according to research. Last July, Ardent Partners released analysis on the AP industry, finding that today’s AP professionals are more concerned with reporting and analytics than they were in 2014.
“Technology is a core component of this forward-thinking notion, as AP automation helps create scalable, repeatable, linked and more efficient processes that can drive down costs, improve the overall ‘speed’ of invoice and payment processing and enable back-end reporting that can be used to improve operations and results within AP and the larger enterprise,” the report concluded.
Researchers also concluded that invoice automation is a chief priority for these professionals, with just 13 percent of those surveyed stating payments and payments scheduling automation is their highest need.