The automation drive is ever-persistent in shared services. In fact, 81% of shared service practitioners said end-to-end automation was a top objective for 2022.
Accounts payable (AP) departments are frequently at the forefront of this push. The management of AP is a crucial tool in a company’s cashflow, as a means of managing what is effectively short-term debt. When the right automation tools are implemented, AP departments will reduce costs, remove manual intervention, and provide real-time insights into finance processes. Additionally, these technologies can reduce fraud and operational risk by providing oversight of company finances and payments with real-time tracking of billing details.
This report will look at the current state of AP, where businesses currently stand in regard to AI in AP departments, the challenges those departments are facing, and the solutions AI offers to those challenges. It will also answer questions such as:
- What's the difference between autonomous AP and AP automation?
- What are the consequences of partial AP automation?
- How do you properly implement autonomous AP solutions?