What is digital transformation?
Digital transformation, at it's core, is a fundamental shift to digitize a company’s business processes, its culture, and the customer experiences. For the Accounting and Finance departments AP automation solutions are transforming how they do business.
How is Accounts Payable automation is changing, and is expected to continue to change in the future?
“It will be unrecognizable! Digital, data driven, and strategic. Stakeholders will unlock the value of AP automation and leverage it in more ways than ever. CFOs will believe that if they optimize the AP process, they can better manage cash, control spend, and mitigate risk. All helping drive larger corporate objectives.”
– Mark Brousseau, Institute of Finance Management (IOFM) Spokesperson, Consultant, and AP Automation Subject Matter Expert
"Progress brought by digital technologies today is different from changes induced previously by mechanical and electrical revolutions. Digital technologies change the entire value chain for companies, as well as business models and even exchanges between players."
- François Lacas, deputy COO at Yooz in the article "The CFO's Crucial Role in Digital Transformation : François Lacas Interview"
Make no mistake even with the right mindset and buy-in from the entire organization digital transformation is still not an easy task. But that is why it’s so important to create a strategy in advance to transform the way your company does business.
Digital transformation is not just for R&D and strategic planners. It reaches in to every aspect of your business particularly the back office functions like Accounts Payable.
No matter what size a company is, AP transformation is possible, desirable and affordable.
Successful AP transformation can be broken down into nine main factors of the invoice and payment process that are improved by going digital:
Ultimately you should be asking yourself: "How can I use digital transformation to get the best possible ROI for our AP operations?"
Are you ready to learn more about digital transformation in AP or have any question about AP automation? We'd love to hear from you!
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