The accounts payable (AP) function is on the cusp of a major transformation, becoming a catalyst that drives organizations forward.
This is one of the key takeaways from a recent report by Ardent Partners, a research and advisory firm focused on supply management, in partnership with Basware. The report examines the AP space, highlighting current challenges and future opportunities. To discuss its findings, Ardent’s founder and chief research officer, Andrew Bartolini, joined Sam Mele, Basware’s senior vice president of sales for the Americas, for a webinar analyzing the results and their practical implications. The webinar is now available to view on demand here.
Here are few key highlights:
- The biggest AP hurdles of 2024: In the webinar, Andrew and Sam discuss the biggest challenges AP teams face this year. Topping the list is the fact that invoice payment approvals are taking companies too long, with nearly 50% of organizations reporting that lag times in payment approvals are putting a strain on their companies.
- Compliance challenges are coming soon: Compliance challenges began in Europe and Latin America and are now coming to the U.S. So, while compliance was not on the list of hurdles cited by Ardent’s research, our experts said it likely will be soon as companies struggle to adhere to regulatory guidelines around the world.
- AP moves from tactical to strategic: 64% of all AP departments are viewed as “very” or “exceptionally” valuable as they move from cost center to profit center. That represents a fundamental shift from years past and a welcome change that our experts agree has been a long time coming.
Technology has the power to propel AP processes into the future: Artificial intelligence and machine learning have created a wave of opportunities for AP teams and processes. The question is, what are the best ways to implement these new technologies?
- The pillars of best-in-class AP: Learn how the companies that are outperforming the market by double-digit percentages do it – and how your organization can, too. This is just a snapshot of the insights presented in our webinar. For more on the current state of AP and a look at what the future will bring, watch the full session on demand here.
