6NOVEMBER 2019Managing EditorSarah DawsonAaron Pierce Ann Bennis Antony MosesVisualizerScott JuasySalesSarah DawsonManaging Editoreditor@cfotechoutlook.comBrian Thomasbrian@cfotechoutlook.comEditor's NoteContact Us:Phone:510-556-2280 Fax:510-894-8405Email:sales@cfotechoutlook.comeditor@cfotechoutlook.commarketing@cfotechoutlook.com NOVEMBER 06, 2019, Vol - 05,Issue - 14 (ISSN 2644 - 2841)Published by ValleyMedia, Inc. To subscribe to CFO Tech OutlookVisit www.cfotechoutlook.com Editorial StaffAva GarciaJoshua Parker Paul BarberIssac GeorgeCopyright © 2019 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffOver the last few years, accounts payable (AP) automation has become a necessity for enterprises to compete in today's increasingly-digital and fast-moving business climate. The benefits of automating the AP process--or digitizing the invoice workflow--go way beyond just data accuracy and time savings. Modern AP automation solutions are enabling touchless invoicing possibilities and providing data insights to improve spend visibility, financial control, and cost-saving opportunities. However, the primary reason for automating AP is no longer just to eradicate manual processes and increase operational efficiencies. In 2019, enterprises are duty-bound to "create visibility" into the business-critical data that resides within an infinite number of invoices. While examining the invoice data in a user-friendly format is the initiation point, true business value occurs when the data is leveraged to make informed decisions that drive enhanced performance and impacts the overall business. For example, enterprises can significantly improve their spend analysis, working capital, strategic sourcing, and cash flow management. Moreover, the invoice data that sits in an AP automation solution is of utmost importance to internal stakeholders in the finance and procurement departments as well as the C-Suite.As AI and machine learning make further inroads into the AP processes, some of the emerging solutions include an intelligence invoice data capture technology that automatically applies corrections based off of latest manual entry. Additionally, several enterprises are already leveraging AP process efficiency analytics to examine their company's performance on critical KPIs and conversely comparing these scores to industry benchmarks. This process has proven effective to identify their strengths and weaknesses to drive process efficiency enhancements. Businesses with traditional AP managers or solution providers might struggle to transition to full-fledged AP and invoice automation. In 2019, the CV of an AP manager must include skills such as change management, business software administration, and process performance analytics. Also, enterprises need top tier technology talent with capabilities that include cybersecurity, data analytics, and data visualization. In leafing through this listing, your business has the opportunity to select a vendor that can help you avail the numerous benefits that accompany AP automation.Creating Visibility into Business-Critical Data
< Page 5 | Page 7 >