Many of today’s innovative organizations are seeking to streamline labor-intensive back office processes through strategic change management, process restructuring, and digital transformation. Due to inefficient, manual, paper-laden processes, AP departments are often spending a significant amount of resources on low-value activities like entering, verifying, correcting, and updating information from paper invoices. Resources that could instead be used on value-added strategic tasks, such as improving supplier/vendor relationships. They also often have difficulty maintaining the security of financial information and maintaining compliance with taxation and legal standards.
Businesses in the lower middle market (LMM)—those making between $100 million and $500 million in annual revenue— additionally tend to have strained resources due to ongoing growth that prevent them from applying the same full-scale improvement initiatives that larger organizations are able to consider. Level Research feels that is about to change.
This report discusses the value and strategic implementation of AP automation tools, offering key insights on:
Guide to selecting an appropriate AP automation strategy.