What are people saying about the future of technology? Automation is still king. Automating more and more aspects of life continues to be a trend that’s showing no signs of slowing down. From business processes to housework (who’s ready for a laundry-folding robot?!), people are reaping the benefits of a digital world and gaining significant efficiency at work and home.
So, what does this mean in terms of purchase-to-pay, or P2P? It means that if your organization isn’t at least automating accounts payable and procurement activities, you’re going to be left behind. Invoice automation and e-procurement are the foundations for collecting critical information on how an organization is spending money, paying bills, and working with suppliers. This data then reveals a host of ways the organization can save money and time, and leverage innovative solutions like e-payables and supply chain financing to actually produce new profit streams and improve working capital.
Looking at a rapidly approaching 2017, now is the perfect time to review your current business processes and see how you can further embrace automation technology to streamline and optimize invoice processing, purchasing, reporting, e-invoicing, and other back office functions. There’s a lot of information out there to help you build the business case for invoice automation and e-procurement, and we’re here to help guide you.
We recommend reviewing the research that industry experts have published over the course of 2016 to identify emerging and market-leading technologies that are giving customers the best results.
Here are just a few items to check out from the best of P2P research in 2016:
- Gartner Magic Quadrant for Procure to Pay Suites: The Magic Quadrant is one of the most sought after reports produced by Gartner, and is relied upon by business executives and technology leaders alike to help with the selection of the best technology for their business needs.
- How to Make a Business Case for AP Automation: In this report, Mary S. Schaeffer, founder of AP Now, provides a 6-step process to creating a successful business case for AP Automation. She focuses on how to make a clear and concise business case that concretizes key benefits and ensures management buy in.
- Ardent Partners’ 2016-2017 Technology and Innovation Report for Sourcing and Procurement: This report highlights the impact of today’s progressive solutions as well as those that are emerging across all relevant procurement processes. This report also utilizes Ardent Partners’ latest research data and analysis to help procurement and sourcing leaders understand the technology trends and innovations that should influence and shape the design of an optimal procurement technology strategy.
- Webinar featuring Forrester: Being Customer-Obsessed What It Means for Finance & Procurement: Webinar discussions are a great way to better understand the landscape of emerging themes and technology. This webinar focuses on how finance and procurement teams can offer support and meet goals as organizations move toward a customer-centric culture in all aspects of operations.
- Industry Awards: Analyst firms, associations, and publications often recognize technology providers who deliver the best solutions in various areas. These are great lists to start your research on technology solution providers.
Here are a few awards that were announced this year:
- PayStream Advisors Annual Innovate Awards identify automation software providers that deliver especially intuitive, progressive solutions. These solutions enable organizations to cost-effectively manage transactions within an increasingly complex global web of suppliers, partners, and customers.
- Global Finance Magazine’s World’s Best Treasury & Cash Management Providers 2016 acknowledges top performers among banks and other providers of financial services – including a category of systems and services winners. These awards have become a trusted standard of excellence for the global financial community. Global Finance also conducts The Innovators 2016 awards – be sure to check out winners in Trade Finance and Transaction Services.
- Supply & Demand Chain Executive Pros to Know recognizes Provider Pros and Practitioner Pros in supply chain management. The Provider Pros to Know is a listing of individuals from a software firm or service provider, consultancy or academia who helped their supply chain clients or the supply chain community at large prepare to meet the significant challenges in the year ahead. This year's list includes more than 200 Provider Pros to Know.
Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.