And the reasons are clear with benefits such as processing invoices faster, more accurately, with better control, and at a lower cost than with manual processes. But these benefits are not a slam dunk. Many companies miss out on the full benefits of automation because they pick the wrong technology or they take the wrong approach to deploying the technology they choose.
One reason for is that the terms ‘procurement automation,’ ‘payments automation,’ and ‘invoice processing—or AP—automation’ are used interchangeably creating a lack of clarity about how to differentiate the three.
This article by Yooz COO and chief innovation officer, Laurent Charpentier, and recently published in Accounting Today, sheds some light.