In this Acceleration Economy roundtable, analysts Aaron Back, Wayne Sadin, and Kenny Mullican discuss the practical applications of AP automation to streamline supply chain processes.
Highlights
02:41 — Supply chains aren’t just a CFO problem, but rather a component that reflects the health of an entire corporation. Wayne stresses a comprehensive approach to automation.
04:19 — Aaron describes the link between AP automation and the work-from-anywhere revolution.
04:58 — The ability to digitize and automate simplifies purchase orders and invoices. Kenny explains how AI can assist with dynamically handling different types of invoices.
07:00 — AI isn’t a cure-all for bad processes, but can aid in prioritization and optimize the time aspect of operations.
08:09 — Kenny explores the vendor point of view and why they often take discounts in exchange for quick payments. The great resignation has impacted staffing in these departments and required further automation of processes.
09:15 — Wayne explains how inefficient, paper-based payment methods lead to late payments by the time AP first sees a bill if the entire process isn’t automated. AI can help prioritize the delicate balancing act of incoming payments, payments due, and available cash on hand.
10:45 — Automated processes enhance the accountability and trustworthiness of a business. Many systems score vendors based on how proficient they are at paying on time, and include contingencies if businesses routinely fall behind.
12:33 — Wayne examines the various aspects of security, including protections against vulnerabilities, accidental payments, and procedural breaches.
14:11 — Kenny describes the questions his own company faced as it transitioned to an automated accounts payable system and the importance of full visibility throughout the process.
15:28 — Aaron describes “automating yourself into a corner,” where automations fail to account for changing circumstances or exceptions. Managing automations shouldn’t create extra work responsibilities.
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