Five Challenges to Successful Accounts Payable Automation Implementation: Part 4
by Ken Neal
March 16, 2015
The fourth key challenge that companies face when automating their accounts payable department is that they don’t have the existing resources to implement accounts payable automation.
If companies have worked through the first three challenges and have decided to move forward with AP automation, the biggest barrier is often the most practical: how to actually take steps to adopt these practices. Often, companies don’t have the in-house expertise required to implement these solutions: their AP departments don’t have the bandwidth to evaluate, recommend, buy, install, test and refine solutions.
In these instances, companies should think strategically about an in-house versus outsourced AP operation. For many companies, outsourcing aspects of the AP function can be a solid investment – and, as already iterated, the practice is a driver of a best-in-class AP department. Canon’s research indicates that companies that at least partially outsource their AP operations reap numerous benefits: namely 25% lower cost per invoice and 27% shorter cycle time.
In my next column I’ll spotlight the fifth challenge: Companies don’t secure the inter-departmental support – IT or otherwise – necessary to implement these solutions. In the meantime, feel free to visit the accounts payable services page of our web site for more industry insights, best practices and solutions for streamlining the operational efficiency of your AP department.