Transform IT Podcast Ep.14:
The AP Automation Movement
In this episode, hosts Miraj and Patrick sit down with Inspyrus Executive Vice President & Chief Strategy Officer, Chris Preston to discuss the full scope of AP Automation in ERP systems.
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“Dynamics are Changing in AP Automation”
By definition, Accounts Payable (AP) automation is the initiative of digitally streamlining the accounts payable process in the most efficient way possible. Though AP Automation isn’t necessarily a new topic of discussion, many organizations actually know very little about its dynamics and the benefits of transforming their accounts payable process. Organizations are especially unaware of the importance of properly integrating AP Automation into their Enterprise Resource Planning system (ERP).
What do you do when you receive an invoice in your email inbox? Though most invoices are generated and exchanged electronically, many organizations still print them out to begin the process. Though optical character recognition (OCR) in the digital AP process is accurate roughly 80% of the time, many invoices require unique editing in some aspect before fully processing. Unique editing to an invoice could be triggered by numerous causes, such as a failure in the invoice line pairing, or that a PO based invoice does not have the PO number on it. However, what if the OCR is 100% accurate, and the digital invoice processing still falls through? The solution lies within properly integrating AP Automation into your ERP system.
In my experience, the most innovative companies, the ones who are extremely well respected and leading their peer groups, are the ones who employ these types of capabilities around their AP operations.
– Chris Preston, Inspyrus Executive Vice President & Chief Strategy Officer
Listen as Chris Preston explores the full scope of integrating AP Automation in an ERP system.
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