It’s that time of the year when companies will be revisiting their annual budgetary allocations for various projects and growth initiatives for the coming new year. Given the increasing focus on the need to go digital in order to survive and thrive in a competitive market landscape, businesses are doing all they can to implement innovative solutions in their workplace. And accounts payable automation has been one of the primary technology adoptions for many growing and mid-sized businesses. But deciding on a software is not an easy task. Knowing what automation solution will best meet all your AP needs is important, if you are to realize the full value of your investments. If setting aside an IT budget is one thing, preparing your AP department for new technology adoption is a whole different ball game. Many companies do not factor in the potential pitfalls of not having a definite strategy for technology adoption. More than the convenience of doing business, technology must fit into the long-term growth strategies of a company. That means knowing whether a software implementation will be adaptable to meet the changing requirements of a company in the long-run.
Adaptability is a big part of new software deployments, as it will determine if the software is capable of fitting into existing IT infrastructure, as well as capable of being moulded further to meet new business requirements and integrations with other applications. In the case of AP, apart from the jobs that can be automated, it is important to consider the application of the software in changing business scenarios. For example, when adding a new supplier to a company’s database, there must be flexibility to configure the software to accommodate new supplier documentation including the invoices that the supplier sends the company. Rather than create a new capture and process automation template for every new invoice document from a new supplier, the software must have the capability to accommodate different invoice formats without much coding.
There are many such considerations that companies must take into account before deciding on the right accounts payable automation software.
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