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Accounts Payable in a Transformed & Digitized World

#Accounts Payable #Digital Transformation

As businesses race toward operational excellence, Accounts Payable (AP) is emerging as a pivotal finance function, within Shared Service Centers (SSC) and Global Business Services (GBS).  

Our recent global AP market survey with SSON delves into this landscape, spotlighting key findings defining the pulse of modern business. 

Key report insights include: 

  • Integration with finance: AP emerges as an indispensable component of finance within SSC/GBS setups. However, our survey reveals a significant divergence in maturity levels, highlighting a pressing need for standardization and process enhancement. 
  • Automation and shared services: Despite being a long-standing process in the optimization realm, and uniquely suited for shared services, AP presents a mixed bag, with only a fraction showcasing high automation levels. 
  • Beyond cost reduction: Findings reveal a shift from a singular focus on cost cutting to recognizing the broader impacts of AP optimization company wide. Respondents increasingly seek value generation, risk mitigation, and service excellence, alongside cost and efficiency gains. 
  • Actionable insights for 2024: From advocating standardization to tackling PDF invoice issues. This offers insights and actionable strategies ready for the year ahead. 
  • Basware's role: The report underscores the crucial role of an efficient AP system,  within the operations of SSC/GBS centers. Basware addresses the key needs of reducing costs while maintaining quality, enabling agility in complex business environments, and ensuring adherence to service level agreements (SLAs). 
  • Interview with Basware specialist: You’ll also get an exclusive interview with our own specialist, Jethro Elvin, providing unique perspectives and insights into the evolving landscape of AP in the digital era. 

 Access this comprehensive report for a detailed dive into actionable insights and strategies that promise to reshape your AP landscape in 2024 and beyond.

Accounts Payable in a Transformed & Digitized World