5 Clichés About Payment Automation Software You Should Avoid
Introduction
Having an automation solution for Accounts Payables (AP) can be a game-changer in most companies. According to Gartner, “by 2020, more than 50% of global companies will have fully digitized their AP department making it possible to reduce the payment processing time by over 75%.
However, while some organizations are automating their AP process successfully others are struggling with the effort — either because the change management associated with it is being carried out incorrectly or there are some execution mistakes made during the actual implementation of the automated solution . Here are five clichés about automated AP that you should avoid:
- Not Getting an Internal Approval from Various Stakeholders
- Not Determining the Right Value Proposition for Automation
- Organically Built Solution Suite vs Stitched Up Solutions
- Inability to Identify Risk
- Lack Of Future Scalability
#1 Not Getting an Internal Approval from Various Stakeholders
When implementing AP automation, the first and most critical step that needs to be taken is getting approval from all stakeholders involved. This includes not only finance but also procurement and management teams who will benefit from the automated process. When it comes to executing an effective AP automation project , one of the biggest challenges faced by organizations is lack of involvement by suitable personnel in the early stages of planning. Lack of employee engagement can lead to serious delays or even failure of your initiative. Therefore it’s important to build a strong internal team which will serve as a driving force for your project . Ensure that the employees involved fully comprehend how beneficial this can be for them and what benefits they’ll gain by participating in the implementation process.
#2 Not Determining the Right Value Proposition for Automation
Internal value propositions play a key role in the success of any AP automation project , yet these are not properly defined by a majority of companies. A value proposition defines why this AP automation is going to be beneficial at your company and what benefits you will gain by implementing it. So make sure to determine whether your organization has an actual problem that needs to be solved with automation or if your solution would just add another layer of complexity. Automating something without having a proper business case behind it might only cause more headaches. Only once you have clear, tangible results can you start creating a strong internal team around your project. With no one involved, there’s almost no way it can succeed.
Learn More: Accounts Payable Automation
#3 Organically Built Solution Suite vs Stitched Up Solutions
To read further: https://www.zycus.com/blog/procurement-technology/accounts-payable-five-cliches-about-payment-automation-software-to-avoid.html
