E-commerce is built on digital customer experiences and processes. That same thinking needs to be applied to the financial back office. Automating foundational processes like accounts payable can provide e-commerce operations with proven methods to overcome key supply-side challenges and deliver far-ranging benefits that help all facets of the business.
There are different solution options for AP automation. The key is a smooth implementation that delivers faster time-to-value. Here are six steps to ensure the transition to AP automation is a seamless one.
“Improving the ability to pay suppliers on time builds better relationships, improves the ability to negotiate discounts, and minimizes the chance of additional supply chain issues. Suppliers not only depend on cash flow to run their businesses, but also to produce more supplies, so faster payment can help alleviate supply bottlenecks.” Article by VP of Product and Program Management, Matt Friend.
“Automation not only eases the financial pressure these organizations are often under but requires less manpower, which helps overcome challenges associated with worker shortages, all while supporting a positive vendor relationship.” Article by MineralTree COO, Elle Kowal.
“The healthcare industry can improve supply chain issues and their relationships with vendors by adopting best practices related to their accounts payable (AP) process.” Article by MineralTree COO, Elle Kowal.
“While payments are an unavoidable cost of doing business, many accounts payable (AP) and finance teams have transitioned to digital payments to streamline the process and deliver important benefits to their organizations.” Article by By Jill Rosenthal, Sr. Director of Payment Optimization.
