We closed out 2019 with a blog series detailing how finance and accounting leaders—and their teams—can lead the overall business in productivity and contributions to the bottom line from the back office.
We don’t want you to stop there. We want you to lead the digital transformation revolution in your industry with AP automation!
In many cases when a firm is starting its journey towards AP automation, the finance leader asks us for a client reference with not only a similar ERP (to confirm the Yooz solution’s seamless integration) but also from the same or similar industry. We are happy to provide these testimonials.
But what if we didn’t?
Companies tend to want to be considered number one in their industry, field, or territory—the best. But they’re reluctant to be the first to try cutting edge technology. By embracing AP automation and leveraging the data housed in their AP department to support better management of working capital as well as freeing up cash to use for extending product lines and R&D, finance and accounting execs are leading their companies towards increased efficiencies and profit contributions. Why not lead your entire industry in the same way?
Companies are getting serious about automation and leveraging the wide range of technologies to choose from. It’s part of their digital transformation initiatives. As they see the benefits they become more and more excited about increasing efficiencies, reallocating resources to more value-added tasks, and sending cost savings straight to the bottom line. Not to mention mitigating financial risks and fraud prevention.
According to the IDC, 40 percent of all technology spending will go toward digital transformations, with enterprises [having spent] in excess of $2 trillion in 2019. Disruption is happening across all industries, and investment in digital transformation is essential to stay relevant and create new opportunities.1
Now we’ll get into more detail about how you can leverage AP automation to stay relevant, race past your competition, and create revenue-generating opportunities.
According to a recent report by McKinsey & Company, one of the shared traits of today’s organizations embarking on digital transformation is that they tend to look inward when making such changes. The most commonly cited objective for digital transformations is digitizing the organization’s operating model, cited by 68 percent of respondents. Less than half say their objective was either launching new products or services or interacting with external partners through digital channels.2
At Yooz, we don’t believe these objectives are mutually exclusive; rather that one informs the other. Take leveraging AP automation for example.
Mark Brousseau, consultant, Institute of Finance Management (IOFM) spokesperson, and AP automation thought leader predicts that more and more companies who have not already automated their AP function will realize the opportunities for true leadership and do so soon. “It will be unrecognizable!” he says, “digital, data driven, and strategic. Stakeholders will unlock the value of AP automation and leverage it in more ways than ever.”
Imagine how innovative and forward-thinking you as a finance and accounting leader and every member of your staff will appear to be when you leverage the data housed in your AP department to provide a solution that will save money, make existing staff more efficient, free yourself from mundane tasks and create time to formulate and execute strategic initiatives, and all resulting in more money going straight to the bottom line.
You can then achieve the objective referenced in the McKinsey report of launching new products or services and improving relationships with external partners with those now-available financial resources. And lead your industry in new product innovation, productivity, and customer service.
Seem farfetched? This same McKinsey report cited that organizations with successful transformations deploy more technologies than others do.2 Even more interesting, of the technologies deployed cloud-based services are at the top of the list, with advanced technologies such as AI and RPA (robotics process automation) not far behind.
These are technologies that advanced AP automation solutions such as Yooz leverage to create a complete end-to-end invoice and payment processing solution. And arming you with the first stage in bravely leading your company AND your entire industry in the digital transformation revolution.