Successful companies are modernizing their accounts payable and accounts receivable by automating their processes. What’s preventing your company from doing the same?
Earlier this month, Matt Clark, COO of Corcentric, wrote an article for Smart Business discussing how the reluctance of executives to invest in emerging payment technologies is infecting businesses worldwide by quietly paralyzing revenue growth. Clark cites a recent Corcentric and Ardent Partners study that revealed that only 60 percent of payments are made electronically. That means businesses that refuse to move into what has become a digitally-driven marketplace may experience substantial revenue loss.
With the advent of cloud-based technology, companies now have many options when it comes to digitizing and automating their P2P processes. Clark lists four steps to begin the transition to bringing your P2P processes into the 21st century:
- Measure what your current processes are actually costing you – Once executives view the actual costs associated with manual processes, they may be more receptive to making the move to automation.
- Pinpoint processes to streamline – Each step in the P2P process has specific associated costs. Understanding how automation can mitigate those costs can help you make the decisions of what to address first.
- Illustrate how easy it is to switch – Today’s cloud-based P2P solutions need limited IT involvement and easily integrate with any existing systems. Most are easy to learn and user-friendly.
- Reinforce the long-term savings – Remember, when it comes to convincing those in the C-suite, it’s all about the bottom line. Explain to executives that the data and analytics components of the solution you choose will enable more accurate forecasting and better cash flow management.
Clark makes clear that when considering a solution, “the key to lucrative adoption lies in introducing a system that is open, scalable, and flexible; something that can accommodate existing data assets as well as potential new ones.”
Read the full article.