For organizations that are looking to improve cash flow in 2016, be sure to check out Brian Shannon's latest article in SAPinsider magazine. In this article, he provides some suggestions for how CFOs can challenge the Accounts Payable department to look for ways to make processes more flexible and scalable in the new year. Things to consider include:
- Digitization - It's 2016 - is your organization planning to digitize information so that processes are faster, more accurate and more transparent? Make this the year that your organization finally eliminates paper and moves to entirely digital processing.
- Technology - Cloud, web and mobile technologies are permeating every corner of enterprise IT. How is your Accounts Payable department taking advantage of these technologies to improve invoice processing in your organization? Faster invoice approvals, vendor self-service portals, and the ability to roll out new functionality and adapt processes quickly are all ways that your AP department can take advantage of technology to improve processes and drive down the cost of invoice processing.
- Customer Experience - Being easy to do business with is the key to success for every organization and vendors are the customers of your AP department. What is your AP department doing to improve the vendors' experience? Vendor portals are one way to make it easier for the vendor to do business with you. Improving the speed with which your AP department handles invoice exceptions or offering vendors dynamic discounting opportunities are other ways to improve vendor relations and drive greater success for your business.