19 Apr What’s the right AP automation flavor for my organization size?
Automating accounts payable creates benefits and positive return-on-investments for organizations of all sizes. That said, large enterprises face different challenges than small and medium businesses, so care must be taken to ensure that the solution deployed matches the problems being solved.
Repair, augment, or scrap the old system
Implementing AP automation is not an inexpensive proposition. Many larger organizations have existing legacy systems that are serving active functions in the enterprise’s operations. As technologies and needs change over time, legacy systems tend to deprecate and lose their support, or at a minimum fall behind the rapid pace of up-to-date systems. This leaves your organization at both an operational and a competitive disadvantage.
When it becomes time to upgrade, it’s often more efficient and effective to start from a clean slate rather than attempt to alter and augment your current system. This minimizes incompatibilities and deprecation, ultimately saving time and money while simultaneously creating a better system.
If your organization is small, or was small recently and is growing rapidly, you may not have an existing AP automation system in place, making the decision moot.
APIs and integrations
Technology vendors are trending both towards higher levels of specialization and higher levels of openness. Often the information technology professionals of your organization can integrate your AP automation with a specific tool vendor or data source to create considerable advantages beyond the vanilla off-the-shelf packaging. When considering a new AP automation solution, take into consideration both the existing integrations built into the software, as well as the roadmap for planned future integrations.
Adaptability and flexibility
Following along with integrations, perhaps the best way to get the maximum value from your investment in automated accounts payable is to analyze its form and function against the expected growth pattern of your organization. Technology and environment will inevitably change, and knowing in advance what those changes will be will enable wiser decision making.
If your organization is currently global, or is expecting to become global at a foreseeable point in the future, ensure that it can address compliance requirements, regulations, and currencies for every country where you expect to do business.
Learn more about the benefits of automating AP by contacting simplifiAP today.