The most magical place on earth got even more magical this year as attendees of the Institute of Finance & Management (IOFM) spring conference APP2P 2019 got an idea of what it feels like to travel to the utopian state of accounts payable and Finance – Fintopia™.
Fintopia – no it’s not a beach shop or surf gear company – it’s the ideal state of AP where processes are automated, transactions are seamless, and data flawlessly flows to all the right places. It’s where Finance thrives. If you’re an AP professional or a Finance leader, it’s the dream – the state you should be striving to achieve at your company. It’s also the concept Basware introduced to 600 attendees at the APP2P conference in Disneyworld, demonstrating that the “perfect AP world” can exist – with the right strategy and tools.
A perfect AP world?
Yes; it does exist – we’ve seen it. But we also know the journey there isn’t an easy one, often filled with more roadblocks than smooth sailing. We know this because we asked. Based on recent data from a survey we conducted, we were able to gage the state of AP efficiency in the US. The results are not surprising in the sense that the respondents (AP professionals) fell all along the spectrum from just starting the climb towards digital transformation in AP to trailblazing the way for the rest of us. What was clear from the data is that there are six major areas where AP departments need to focus attention in order to stay on course with digital transformation. Check out our Fintopia: The Current State of AP Efficiency in the US report to learn more.
In booth #201 at the conference, we extended the survey to attendees with a live poll. As willing participants approached the booth, they saw four types of flowers – each one representing an area of continuous improvement in AP. We asked them to select the flower that best represents their focus this year to reach an ideal state of AP – Fintopia.
Continuous improvement in AP
By the end of the show, we had a beautiful Fintopia flower wall and a pretty good idea of where AP professionals are working hard to improve the state of efficiency in AP. In priority order of the most flowers, these were the results:
Improve invoice processing times
Collaborate more with procurement
Capture 100% of invoices digitally
Get mobile ready.
Fintopia fueled discussions
During the conference, we had two sessions aimed at helping our audience better understand Fintopia and how to get there. In our morning fireside chat, we gathered around our “campfire” to tell how companies are moving away from back office scary stories to successful testimonials. Then, in the afternoon we collaborated with our partner Extropy Advisors to deliver a case study on how 21st Century Oncology laid the groundwork for AP efficiency through automation, building a foundation for Fintopia.
An evening to remember
It wasn’t all work and no play. We closed out the day by traveling down the Na’vi River Journey at Animal Kingdom with over 100 conference attendees. With life-like animatronics and vivid illuminations woven through each turn, it was a good reminder that with a little imagination, anything is possible – even a utopian AP world.
Ready for Fintopia?
Thank you so much to IOFM and everyone who stopped by the Basware booth. We truly enjoyed meeting you at another great APP2P conference. To learn more about how you can reach Fintopia, download the report. And, always contact us – we’re here to help!