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As CFOs aggressively pursue strategic growth for their enterprises, there is an overwhelming need for a digitally enabled finance function that can drive real-time intelligence and collaboration – both within and beyond. Furthermore, the pandemic and the ensuing economic impact have necessitated that CFOs accelerate their digital finance journey. Accounts Payable (AP), with a direct line of sight into the supply chain as well as working capital and compliance, becomes the focal point in this journey.
However, there remains a wide gulf between the desired state and the current state of most AP functions.
36 percent firms using paper invoicing
47 percent relying on manual processes for approval
49 percent payments still being made by checks
55 percent paper-based suppliers
Only 19 percent of early payment opportunities captured
As effective working capital management becomes key to surviving and thriving in the new order of business, it’s imperative to drive a digitally connected AP function – enhancing supplier relationships, improving working capital and reducing fraud exposure.
A ‘Future-ready AP Intelligence Hub,’ underpinned by an open and collaborative digital ecosystem, is the way forward. Tradeshift and WNS present a timely and insightful paper, detailing the key elements, efficacy and real-world outcomes of an AP Intelligence Hub.