Invoicing, B2B payments, dynamic discounting and supplier enablement have traditionally operated in siloed environments creating inefficiencies, added costs and complexity.
Invoice processing is cumbersome and expensive given the reliance on manual paper-based processes, lengthy approval cycles and error-prone data entry in financial systems. Today’s legacy invoice automation and imaging solutions only automate 20% of the entire business process because they don’t effectively address invoice exceptions and lack the depth of integration necessary to take advantage of the information and business logic inherent in the ERP system.
Additionally, payment and dynamic discounting and supplier enablement solutions are fundamentally disconnected from invoice automation, which are essential to today’s modern accounts payable (AP) processes. Particularly in payments, AP operations face significant challenges managing supplier payments, supplier data and programs to effectively move suppliers to electronic forms of payment. Even today, most B2B payments are made by paper checks, which are time consuming, expensive, incredibly inefficient and lack the opportunity for cash-back rewards.
Getting AP on the right path requires a reimagining of the function, a complete integration of systems, and a modernization of the AP platform via innovative technology and approach.
First off, today’s AP organizations require a single integrated solution for Invoice Automation, Payment Automation, Dynamic Discounting and Supplier Enablement, with leading technologies and out-of-the-box workflows.
Payoffs: This delivers superior results (lowering costs, accelerating work, maximizing discounts and cash-back rewards—compared to legacy AP solutions).
The approach needs to offer seamless, multi-ERP integration and automation. This requires real-time integration with all leading ERP systems—within a single application.
Payoffs: This maximizes automation, future-proofs investment, accelerates strategic AP shared services initiatives and dramatically accelerates payment settlement/reconciliation.
Organizations require a modern user interface for ease-of-use and adoption as well as powerful end-to-end process analytics (from invoice capture to payment and settlement). AP stakeholders need a single, unified user experience that is fully integrated in real-time with their ERP systems.
Payoffs: Comprehensive (end-to-end) reporting (that comes out-of-the-box) provides instant access to information such as invoice-in-process, payments, discounts, penalties, suppliers, PO coverage, cycle time, user workload and user delays. Organizations now have a consolidated view across ERPs, business units, along with dynamic data drill-down into specific business processes.
We live in a mobile-first world and the world of AP is no different. AP solutions must be mobile-first by design and by default.
Payoffs: This enables invoice approvals and coding anytime, anywhere. Additionally, this streamlines payment approvals and supports on-the-fly requests for early payments, access and visibility into invoice and payment status, and real-time collaboration.
Pick the right path to greater AP payoffs. Click here to learn more about how Inspyrus can put you on that path.