Supply-chain managers have long faced challenges when it comes to accounts payable and procure-to-pay (P2P) processes. Despite the shift to digital taking place across all industries, many organizations still rely on manual, paper-based AP processes to approve and pay invoices. This creates a slew of problems — including lack of control around timing of payments to suppliers, invoice exceptions that take up precious staff time, and poor visibility for both your finance team and suppliers.
The good news is that by moving toward digital in your organization’s accounts payable process, you can eliminate the slow and error-prone process that is the root cause of many problems with your suppliers. By doing so, you will cut costs, optimize cash flow, get real-time visibility into outstanding payables and head off potential supply-chain disruptions before they occur.