According to the Institute of Financial Management (IOFM), the average Accounts Payable (AP) department spends 84% of its time on transaction processing, leaving virtually no time to conduct operational analysis and operate more strategically.
But there is hope. These three strategies will help energize your AP department to think more strategically:
Everyone has a defined role – Give everyone in your department ownership of a specific project. This forces each team member to continually look for ways to improve/streamline the processes within the project.
Gain input from the team – Make it a point to set a specific time and day each week for the entire team to get together and brainstorm new ideas to help improve the AP department.
Visit other departments within the company – Each team member is busy. However, it’s important to step outside of the department and engage with other parts of the company to gain new insights and discover trends that could affect your AP operation. Try to meet with other AP practitioners in different industries, to network and exchange in new ideas, as well.
Breaking away from legacy invoice processing and technology with a next-gen AP automation approach can usher in new wave of efficiency and value delivery, and get your AP operations on a strategic path. Learn how to transform your AP operations into a profit center.