The term “digital transformation” carries a dramatic connotation for many, whose minds will go directly to high-profile “cool and new” tech like AI, robotics, and data analytics. However, much of the power of DX comes in less visible innovations and enhancements such as those taking place in areas of business like Accounts Payable (AP).
In AP, the paper chase is the problem. The average company receives over a thousand invoices a month, with the lion’s share of these invoices paper-based. We’re talking about a lot of paper here — certainly too much paper flowing through one line of a modern organization.
Stumbling blocks
In that light, it should come as no surprise that most companies today would love to streamline their AP processes. There are countless examples of businesses doing it right, but sometimes getting started is the hardest step.
Companies that haven’t yet transformed their AP have often been stalled by the fear of the unknown. They worry it’s a complex and nebulous process that will be difficult for staff entrenched in the status quo. It could also eat up a lot of time and money.
Leveraging DX
Digital transformation isn’t just about technology; it’s about doing what needs to be done to leverage the latest innovations in order to create automation opportunities while generating more and better data (which is the key ingredient in intelligent business decisions).
And there is a sea of data for companies to swim in. Ninety per cent of all data worldwide was created only in the last couple of years. That’s a lot of material to provide insights, but successful companies understand that creating data is only valuable if you are doing something valuable with it. For companies just making the DX leap, it’s critical they focus on improving the management and automation of all their data (such as digital invoices and other formerly paper documents).
Data is of little value if it can’t be easily viewed and freely shared. Prior to automation/DX, most companies’ AP had to deal with mountains of paper in the form of invoices, reports, POs, forms, payroll data, and the like. These scraps of paper would physically go from one department to another for review, verification, and approval.
With AP automation, speed and efficiency become the name of the game. Such a change is necessary at a time when most organizations have moved on from paper.
New publication
Epson’s “Bringing Accounts Payable Out of the Paper Age” discusses AP automation as a necessary step in a company’s evolution into a modern enterprise. Among the topics covered in this timely offering:
- Five steps to digitizing your AP operations — from Scan to Index to Reconcile to Remit to Retain, what your organization needs to do in order to automate and streamline your Accounts Payable
- Benefits for your business — from efficiency to control to savings, the ways in which organizations are benefiting from pairing Epson scanners with Digitech Systems’ integrated software solutions
Data and records management doesn’t have to be so complicated, and it definitely shouldn’t be a drain on your company’s resources. Download “Bringing Accounts Payable Out of the Paper Age” now to find out how your company can digitally transform its AP function.
