What benefits does accounts payable (AP) automation provide to the forward-thinking companies that implement it?
Forrester recently set out to answer that question, conducting an insightful and enlightening study on the Total Economic Impact of Basware AP Automation. After the release of the report, Forrester and Basware hosted a webinar to discuss the results of the study and what it means for companies around the world.
Here are a few key takeaways:
What’s top-of-mind for finance leaders
The primary area of focus for today’s finance leaders revolves around the rapid advancement in artificial intelligence (AI) and machine learning technologies in AP processes. They want to know how AI can help generate better, more accurate forecasts at a faster pace and how it can fuel data-driven decision-making across their organizations. They are also eager to learn how AI can prevent external fraud and, most importantly, how automation can improve the productivity of AP team members. In addition, finance leaders see an opportunity for AP automation to help optimize working capital and improve workforce retention as younger employees begin to think about and feel differently about work.
The rise of e-invoicing mandates
By 2028, all European member states will have to make e-invoice mandates for invoices that are directed to the public administration and to other businesses. There is no going back to paper, so companies must prepare now, by implementing the necessary technology to manage those changes and meet the demands of the marketplace.
Data trends and the ROI of AP automation
Forrester’s research revealed some fascinating statistics. First, 84% of companies will prioritize automation in the next 24 months. Companies that have already incorporated Basware’s AP Automation into their businesses saw a 50% increase in productivity among AP clerks. And over the course of three years, they experienced a 158% return on investment, with a payback period of just six months.
If you’d like to explore more of the insights discussed in this webinar, watch it on demand any time here. You can also download the study conducted in partnership with Forrester here.
