- Complexity to Clarity: Forrester's Expert Take on AP Invoice Automation
Complexity to Clarity: Forrester's Expert Take on AP Invoice Automation
When selecting the right Accounts Payable (AP) solution for your business, navigating the extensive landscape of market research can be both enlightening and misleading. While source-to-pay (S2P) or procure-to-pay (P2P) research may seem to offer a comprehensive perspective, it often lacks the necessary level of detail that finance-centric organization require. This research tends to neglect best-of-breed solutions simply because they don't neatly fit into the S2P/P2P category, potentially causing you to miss the ideal option for your specific needs.
As we explore insights from Forrester’s Senior Analyst, Meng Liu, you'll discover why relying solely on S2P research may not be the optimal strategy for evaluating AP vendors and what constitutes a more targeted decision-making approach.
What are the trends in the AP market?
Let’s discuss three key trends in the AP market. First, the AP sector is experiencing significant growth, , driven by the need for companies to streamline finance functions. Second, compliance is a top priority and countries worldwide continue to push for invoicing mandates to enhance tax recovery. Third, technological advancements, particularly in AI, are enhancing AP solutions to make them more autonomous and intelligent. To learn more, watch this video to hear from Forrester’s Senior Analyst, Meng Liu.
How should companies select their AP tool?
Complexity to clarity – that’s what we’re all after, right? When researching AP solutions, there’s a lot of noise that often creates more confusion than answers. However, if we break it down, organizations that consider the complexity of their business operations to define their needs in an AP solution, can reach point “B” a lot quicker. For example, can the solution truly handle non-PO invoices? Support multiple procurement systems? Integrate with various ERPs? How about AI? Are they leveraging AI for efficiency? To dive deeper, watch this video
What is the benefit of choosing a specialist AP provider?
You wouldn't seek a general physician for a critical back or neck issue, you would pursue a spinal specialist. The same principle applies to AP vendor selection: you need a specialist. Approaching a procure-to-pay generalist to revolutionize your AP operations will only achieve a small percentage of the coverage your global organization needs. In this video, Forrester emphasizes the advantages of specialist AP providers. Whether it’s their experience around working with diverse clients, managing complex AP scenarios, or offering valuable insights from AP-specific R&D, the benefits are undeniable.
How are analysts covering the market today?
Most research focuses on procurement functions, leaving AP as a small part of the evaluation process. Organizations must be cautious when leveraging this broad source-to-pay or procure-to-pay research and instead look for content from analysts that recognize the need for dedicated AP invoice automation vendor evaluation research that provide valuable advice on selecting the right AP automation provider. In this video, Forrester comments on what’s to come from their team.
How do you see APIA developing in the future?
We know that AI will continue to play a significant role, but what about compliance? Especially for businesses operating in multiple regions that need help in meeting regulatory requirements. To stay ahead of this evolving landscape, companies need solutions that can support business growth in many different areas. In this video, Meng discusses the future of AP invoice automation from the Forrester lens.
Ready to take the next step?
Let Basware guide you beyond the limitations of S2P research and into a world of dedicated AP solutions tailored to your needs. Here are a few useful assets to help you structure their AP selection approach.
For a general overview on the AP Invoice Automation (APIA) market, check out the insightful report from Gartner®, "Market Guide for Accounts Payable Invoice Automation Solutions," that shares the description, direction and analysis of this market and offers valuable guidance to understand how the status of an emerging market aligns to your future plans.
If you are one step further and are building out your requirements list for vendor selection, check out our eBook, “3 Steps for Evaluating AP Automation Solutions” for a list of questions you won’t want to leave out.
To discover how our specialist perspective can revolutionize your AP operations, reach out to us directly.