Impact of AP Digital Transformation on CFOs

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Impact of AP Digital Transformation on CFOs

FREMONT, CA | Friday, April 30, 2021

CFOs are evolving from a support function to a value-generating role, undergoing a transition from technical expertise to global and strategic expertise.

FREMONT, CA

Digital technologies are transforming the companies' entire value chain, business models and even exchanges between players. This is in strong contrast to the previous changes brought on by mechanical and electrical revolutions.

What are the limits of today's accounts payable digital transformation abilities?

The reality is that there are no boundaries, except for the false values that many businesses hold. For example, Accounts Payable automation had previously been mainly reserved for large corporations and government agencies, forcing many SMBs to rely on manual processes and outdated systems, which harmed their accounts payable departments and cash management.

Things shift when SMBs select the appropriate cloud-based accounts payable automation solution. The proper cloud-based Accounts Payable automation software would be highly scalable to address the requirements of SMBs and solve their problem areas, and by integrating the cloud, machine learning, deep learning, and big data with an emphasis on user experience and design to optimize the overall solution and render accounts payable digital transformation simple. 

Chief Financial Officers are experiencing more than just technological difficulties. They must also ensure that their staff are on board and have the opportunity to learn new skills to incorporate digital resources into the procure-to-pay process. The team must consent to use the Accounts Payable automation software. It makes no difference if they have the latest technology, but the employees fail to use it.

How important is data in technology growth for your business?

The key is data. Business data, based on experience and analysis, opens up various possibilities for them, including automating their purchase-to-pay (P2P) operation. According to a CFO Research survey, almost half (47 percent) of CFOs they surveyed said it was essential to use data and analytics gathered across an organization in strategic ways.

Why should businesses choose digitalization tools for their AP process?

Accounts Payable Automation, artificial intelligence, predictive analytics, blockchain, data visualization, machine learning are all terms that have entered the financial manager's daily vocabulary, dramatically changing processes and pushing companies through a new period.

All these technological advancements allow for a very logical approach to accounts payable digital transition. They seem to be a way for most finance departments to get started. They save time and money as they work together, and workers benefit from performing activities of higher added value.

When these tools are combined for the payables system, it offers better security to the processes, data, and compliance. Combining innovative technology creates measured, critical opportunities by allowing the organization to experience a rapid operational implementation rather than executing overly optimistic 5-year strategies that are never fully implemented.

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