When speaking to members of accounts payable (AP) teams, they frequently report feeling tired of being blamed for everything that goes wrong in the procure-to-pay process and often get the sense they are perceived as mere overhead.
Those feelings are not unbased, but the way that AP is viewed is changing, and it’s good news for the AP team. The bar is being raised for AP, centered on a new mission statement that isn’t about just paying the invoice accurately and on time, but one that brings value to your organisation in three major areas: protecting the company’s cash – delivering timely and accurate data for the financial statements – all with a compliant, streamlined AP/P2P process that has major implications on the company’s bottom-line.
Starting with the chief finance officer, all the way down to the AP clerks, finance teams need to stop reacting to their debt and start managing their cash, and AP is their key to do just that. In the increasingly digital corporation, AP automation is no longer a luxury; it’s a necessity. The recent innovations from automation vendors have turned what were once simple workflow solutions into strategic backbones supporting digital transformation of the entire financial process.
Of course, navigating change management in the age of digital disruption is not easy, nor is it simple, but the benefits are well worth it for everyone involved.
During tomorrow’s webinar which is hosted by Microsoft and Medius, I’ll be sharing my experience, based on overhauling the AP/P2P process at Johnson & Johnson during my 27 year tenure there, and best practices that AP teams can use tactically to help manage digital transformation in their own organisations. I strongly encourage you to register and join the live webinar session on September 20th at 2:00pm EDT.
Learn more and register here