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Against the backdrop of a global pandemic, this renewed focus on liquidity and cash management is poised to pull AP into the limelight with an urgency never before seen.
This report presents a comprehensive, industry-wide view into what is happening in the world of AP and captures the experience, performance, perspectives, and intentions of 205 AP, finance and P2P professionals.
Chapter 1: The State of Accounts Payable
This chapter looks at the current state of the accounts payable industry amidst a global pandemic and unprecedented uncertainty. It also focuses on what AP can do to ensure continuity, build resilience and support the recovery.
As we continue to navigate these disruptive days, it is clear that some of an enterprise's best opportunities (and most critical priorities) will play to the strengths and expertise of its AP department. This means AP must work deliberately and aggressively to support the larger enterprise - pushing to help ensure its continuity and build its resilience. AP must rise to the challenge.
The AP leaders who utilize smart strategies to address short-term enterprise needs while pressing forward on longer-term initiatives position themselves and their organizations to play an increasingly strategic role when the recovery inevitably begins.
Read more in the full report.
Chapter 2: The State of ePayables 2020
This chapter focuses on the priorities, challenges, and opportunities that exist for AP Leaders today while also looking at how AP teams are utilizing technology and data to drive their departments forward.
Now, more than ever, the information that AP generates, including views into current liabilities, B2B payment timing, and supplier performance, can be critical in a business climate that demands insights to support real-time decision-making. That AP's top priority in 2020 focuses on data is just part of the overall story with 48% having prioritized improving data and analytics.
In truth, it is the other key priorities that more likely define the function in the second half of 2020. Many of these other priorities are more "traditional" in scope...a direct result of unprecedented challenges the world currently faces, along with the realization of the importance of automation to maintain business continuity.
Chapter 3: Best-in-Class Accounts Payable
This chapter provides accounts payable performance and operational benchmark statistics and a profile of Best-in-Class performers and their distinguishing characteristics and strategies.
Designed to help the reader accomplish the following:
Benchmark their performance to industry averages and understand how they perform relative to the average AP program in the marketplace.
Understand what operational and performance metrics define Best-in-Class performance levels for AP programs today.
Understand the wide range of capabilities that Best-in-Class AP departments use to outperform the market.
Before diving in, it is worth revisiting the ePayables Framework which was designed with the goal of helping AP departments of any size improve their processes by segmenting them into smaller, more manageable pieces. The ePayables Framework can be found in the full report.
Chapter 4: Strategies for Success
This chapter presents a series of recommended strategies and approaches for finance and accounts payable leaders and their departments who are seeking to improve their operations and their results.
Operational efficiencies have long been a key objective for AP departments. However, it is the notion of "intelligence" that has become more important for AP in recent years, particularly because finance and other business leaders must do all they can to keep the enterprise moving forward in a safe and financially healthy manner.
For the AP industry, the "age of intelligence" means that global businesses will be able to draw actionable knowledge from the invoice, payment and supplier data that resides within ePayables solutions and make smarter decisions.
This short guide outlines what our experts believe are the three most important business continuity measures that all AP departments should take to better position their company to weather any crisis, including the current COVID-19 pandemic.
This best practices guide outlines the importance of transforming accounts payable from a paper-based, inefficient function into a streamlined, secure and intelligent operation with great value to the larger organization. Read to better understand the value proposition of AP automation, invoice process refinement, and enhanced payment opportunities.
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