Power of PAYBOX®
Driving Corporate Value from Accounts Payable Transformation
With customers and competition alike putting more pressure on companies for process, product and service innovation, CFOs are placing ever-increasing importance on how their businesses are run. They are now thinking about innovation not only from a product and service perspective, but also from the perspective of how it benefits business operations.
As a result, ‘better, faster, cheaper’ is giving way to true business transformation.
And this will have a profound impact on Accounts Payable (AP).
A Shift in Thinking
Global companies, particularly those with financial shared services environments, are adapting their business models and priorities in response to economic changes and competitive pressures.
Companies have a lot to gain from improvements in their business services, particularly in AP.
Consider this: while 79 percent of finance executives cite ‘providing financial information to decision makers’ as their top job responsibility, only 51 percent of those recently surveyed by Saugatuck Technology say their systems provide the abilities necessary to fulfill this objective.
What’s more, only 45 percent of financial executives surveyed by Saugatuck believe their current systems are adequate for ‘optimizing business processes’ or ‘reducing process efficiencies.’
That’s why it’s not enough for companies to automate AP; they must transform it.
Finance leaders are rethinking the way AP is done (manual, paper-based), and are deploying technologies that bridge or eliminate legacy systems to reduce overhead and improve decision-making and financial reporting.
Direct Insite believes there are several cornerstones to AP transformation:
- Company profile management
- Vendor master data cleanup
- Scanning and data extraction
- Purchase order, invoice and workflow processing
- Dispute management
- Dynamic discount management
- Spend management and business intelligence
- Supply chain financing
These components transform AP processes to enable companies to:
- Eliminate paper
- Reduce transaction costs
- Capture more supplier discounts
- Enhance supplier relationships
- Increase p-card utilization
- Extend the benefits of existing ERP investments
- Improve visibility into financial information
- Ensure compliance with regulations regarding vendor data
If their business transformation efforts are to succeed, global companies will require a new set of technologies, business processes and delivery models that enable employees, customers, and business partners to achieve sustainable business value across their extended enterprise.
Direct Insite provides a solid foundation on which companies can build these initiatives.
Want to learn more? E-mail me at email@example.com.
Matthew E. Oakes is President and CEO of Direct Insite, a leading provider of e-invoicing solutions for Accounts Payable and Accounts Receivables Transformation. Oakes can be reached at 631-873-2932 or via e-mail at firstname.lastname@example.org.