26 Apr Can analytics be used to interpret accounts payable data?
Data is critical for improving company performance, efficiency, compliance, and so much more. The most prevalent issue today is data surplus, with millions of data points produced every day across a variety of systems. Thankfully, analytics can help discover value in the onslaught.
Collecting and managing data
Accounts payable sits at the intersection of all the company’s mission-critical systems. It’s the ideal nexus to collect data. This saves tremendous amounts of time and resources over gathering data from disparate systems across the organization. Collecting as much as possible, even if it doesn’t seem relevant in the moment, allows for deeper analysis later with less effort.
The beauty of applying analytics to data is the charts and graphs that are produced, immediately visually revealing trends, projections, usage, and more. The same data set can be presented in multiple formats, taking advantage of the unique benefits of bar graphs, pie charts, spider graphs, line plots, and every other format imaginable. This visibly demonstrates insights, making them instantly more obvious.
Auditing, volume, and forecasting
Analytics break large volumes into bite-sized chunks, allowing for easier digestion. Gathering data across the organization permits easier audits. Analyzing past data is an excellent predictive tool for the future.
Learn more about the benefits of automating AP by contacting simplifiAP today.