The impact of automating accounts payable and invoice processing with digital technologies such as intelligent data capture, robotic process automation, artificial intelligence, machine learning, dynamic workflows and invoice analytics goes well beyond the AP department.
Why CFOs support accounts payable automation
Eighty-two percent of CFOs surveyed by Robert Half say that they are collaborating more closely with their company’s CIO compared to three years ago as a result of deploying digital technologies such as accounts payable automation solutions.
It turns out that invoice processing automation and other digital transformation initiatives are the conduit for CFOs to CIOs to collaborate on:
- Technology investments (identified by 56 percent of the CFOs surveyed)
- Business systems changes (52 percent)
- Staff technology training (45 percent)
- Cybersecurity (45 percent)
- Digital transformation efforts (39 percent)
Robert Half Management Resources, Executive Director, Tim Hird isn’t surprised by the findings.
He explains that it’s a business imperative for CFOs and CIOs to work closely together to consider the operational and financial impact of technology solutions such as AP automation solutions and invoice processing software.
But close working relationships between CFOs and CIOs do more than help businesses achieve payback on their technology investments.
The benefits of AP automation for CFOs
1. Make smarter IT investments
- CIOs can provide expert guidance on where digital technologies such as AP automation can best achieve business goals and increase competitiveness. CFOs can offer insights on the financial and operational impact of digital transformation initiatives, including AP software.
2. Improve agility
- Businesses need actionable insights to make fast and well-informed strategic decisions, in accounts payable and beyond. Strong collaboration between CFOs and CIOs helps ensure that the business deploys the right technology to extract, manage and deliver the most accurate information. AP automation solutions aggregate any paper or electronic invoice, extract and validate invoice data, digitally route invoices for approval no matter where staff work, seamlessly upload approved invoices to any ERP, and provide invoice analytics.
3. Mitigate risk
- The need to protect sensitive data has never been greater. CFOs and CIOs can work together to develop measures to address fraud risks and compliance demands. AP automation solutions identify duplicate payments, enforce strong AP processing controls, and spot suspicious transactions.
AP automation solutions can help CFOs achieve their strategic objectives.
See for yourself how the IPS AP automation solution can digitize and simplify invoice processing, while facilitating collaboration between your CFO and CIO. Arrange a no-obligation virtual demonstration with one of our accounts payable automation experts!