Top 6 Trends in AP Process Automation from RDS

The future of AP (accounts payable) process automation is promising and evolving rapidly. Here are a few trends that are likely to shape its future:

“Research from the Institute of Financial Operations found that 50% of invoices are still received by paper, 37% by e-mail, and 5% by fax, resulting in 92% of invoices requiring some manual input.”

— Institute of Financial Operations

1. Intelligent automation and AI: The integration of artificial intelligence (AI) and machine learning (ML) technologies will enable AP automation systems to become smarter and more efficient. These systems will have the ability to automatically extract and process data from invoices, identify patterns, make intelligent decisions, and improve accuracy over time.

2. Robotic Process Automation (RPA): RPA technology will continue to play a significant role in AP process automation. By automating repetitive and rule-based tasks, such as data entry and invoice matching, RPA can further enhance efficiency and accuracy, freeing up human resources for more strategic activities.

3. Advanced analytics and insights: AP automation systems will leverage advanced analytics to provide valuable insights into spending patterns, vendor performance, and cash flow management. This data-driven approach will help organizations make informed decisions, optimize processes, and identify opportunities for cost savings and process improvements.

4. Integration with other systems: AP automation will integrate more seamlessly with other enterprise systems, such as enterprise resource planning (ERP) and financial management systems. This integration will facilitate end-to-end automation, improve data accuracy, and enable efficient sharing of information across different departments.

5. Mobile and cloud-based solutions: The future of AP automation will see an increased adoption of mobile applications and cloud-based platforms. Mobile apps will provide access to AP processes on the go, allowing approvals and inquiries from anywhere. Cloud-based solutions will offer scalability, flexibility, and easier collaboration across multiple locations and stakeholders.

6. Enhanced security and compliance: AP automation will continue to focus on data security and compliance. Advanced encryption, secure data transmission, and strict access controls will be implemented to protect sensitive financial information. Compliance with regulations such as GDPR (General Data Protection Regulation) and data privacy laws will remain a priority.

Overall, the future of AP process automation holds great potential for further improving efficiency, accuracy, and strategic decision-making in financial operations. Organizations will increasingly embrace intelligent technologies, leverage analytics, and embrace seamless integration to transform their AP processes and unlock new levels of productivity and cost savings.

Ask a Trusted OpenText SAP Consultant

RDS Consulting has been a strategic partner with OpenText and SAP for many years. We have unparalleled expertise in the invoice management solution which means we can provide you with the skills and resources you need to achieve a smooth and successful transition. All our consultants and engineers in the space are certified for SAP Vendor Invoice Management by OpenText and have already undertaken many projects on invoice processing on the SAP S/4HANA platform.