It’s no secret that organizations with high levels of AP automation spend less than half the time and energy processing invoices than their non-automated counterparts. But that’s not all. As The Hackett Group has uncovered, top performers do much more with automation to ensure their success—they future proof their AP organization using some very specific strategies and tactics.
It is no secret that COVID-19 has upended life beyond what we ever thought possible—our home lives, work lives and corporate environments have all changed dramatically, and companies are being forced to adjust to this new paradigm to survive in the “new normal.” At Kofax, we’re seeing a dramatic increase in organizations reprioritizing their need for AP automation technology to support their changing workforce and better manage their fluctuating cash flow needs.
Corporate systems and data continue to grow exponentially, while COVID-19 is creating the necessity for organizations to adopt a 100 percent work from home model. That’s why many companies recognize they have no choice but to digitally enable their operations if they want to compete in 2020 and beyond. As IT teams face intense pressure to digitally transform their organizations, they should focus their initial effort where it counts most. The fast delivery of so much value makes accounts payable an excellent starting point for automation.
Instant access to information. The ability to do business anytime, anywhere. Technology solutions that can be used immediately. From end customers to back-office teams such as accounts payable (AP) — these expectations are true across the business spectrum. And these needs are driving AP automation to the cloud.
We’re excited to announce the latest release of Kofax Process DirectorTM (formerly Kofax ReadSoft Process Director). It offers several enhancements to meet the latest SAP requirements, keep up with evolving industry needs, provide greater support for organizations to do business globally, and fully support government mandated e-invoicing.
If it seems like everything is happening in the cloud these days – it’s not your imagination. Organizations of all sizes are recognizing the many advantages of cloud computing for business. Aberdeen research found from 2017 to 2018, “on premise” ERP dropped from 21% to 12%, and SaaS increased from 21% to 36%. And according to Gartner, 40% of new ERP deployments for large businesses will be cloud SaaS by 2021.