An overwhelming number of small and medium-sized businesses (SMBs) still have much work to do on the march to digitization, according to “AP Automation Tracker,” a PYMNTS and Beanworks collaboration. Even businesses that have entirely digitized their consumer-facing operations may still have work to do in transforming their business-to-business (B2B) processes. One of the most critical business functions in need of digitization is invoicing.
Get the report: AP Automation Tracker
PYMNTS research has found that:
The nature of the work involved is the most tedious and 20th century tasks, work that easily could — and definitely should — be automated. These include typing invoice data, correcting typos and chasing down the status of invoices in response to supplier inquiries.
In addition to vastly improving efficiency, streamlining the AP process with automation and digitization also has the potential to dramatically improves effectiveness by achieving key metrics, including:
As AP technology becomes more sophisticated, all these benefits continually improve as well. AP platforms that use artificial intelligence (AI) and machine learning (ML) can interpret unstructured files to find and process invoice data without any human intervention. SMBs that adopt the technology now will benefit from system upgrades and enhancements from now on. Thus, automating AP could pay increasing dividend streams to companies in employee retention as well as worker productivity and cost savings down the road, continually enhancing return on investment.
All these are excellent reasons for AP managers to get out the paper shredder.
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