Going Paperless, Gaining Maximum Returns from Payments, and Ensuring the Success of AP Automation
Many of today’s innovative organizations are seeking to streamline labor-intensive back office processes through strategic change management, process restructuring, and digital transformation. Due to inefficient, manual, paper-laden processes, AP departments are often spending a significant amount of resources on low-value activities like entering, verifying, correcting, and updating information from paper invoices. Resources that could instead be used on value-added strategic tasks, such as improving supplier/vendor relationships. They also often have difficulty maintaining the security of financial information and maintaining compliance with taxation and legal standards.
Businesses in the lower middle market (LMM)—those making between $100 million and $500 million in annual revenue— additionally tend to have strained resources due to ongoing growth that prevent them from applying the same full-scale improvement initiatives that larger organizations are able to consider. Level Research feels that is about to change.