Most accountants and accounts payable (AP) professionals have never operated in an environment where inflation was so high that it impacted the decision-making process. Unfortunately, in today’s highly inflationary period, that’s all changing. Simply put, the world is different, and organizations need to respond accordingly.
As inflation reaches generational highs, many organizations are looking to build more resilient businesses that can withstand rising prices and the higher cost of capital. One often-overlooked area to begin building this resiliency is accounts payable.
By investing in automation technology, AP teams can enact three key strategies that enable their organizations to confront today’s economic realities head-on.