Are You Ready To Automate AP? Think Again.

Buying automation tools too early can be worse than not buying them at all. That’s the takeaway of a recent study of more than 200 AP departments conducted by IOFM.

IOFM’s latest benchmarking study found that more than three in five (62%) AP departments have yet to complete at least one of the five foundational process management steps, and yet the vast majority (77%) have already bought an automation tool. 

The more successful approach is to fix your processes first, enabling your IT investment to make good, consistent processes even better. But an alarming number of AP teams have done the opposite.

This “buy now, fix later” approach to AP performance improvement is costing companies dearly. Most AP (52%) systems bought in just the last three years are already scheduled to be replaced. Why?

Organizations’ processes were not adequately prepared for the automation change, undermining the expected outcome. But instead of fixing inconsistent processes, their plan is to simply buy another system—one they are no more likely prepared for today than they were previously. 

Don’t invest in further automation without first learning from your peers’ mistakes. Join Executive Editor Jess Scheer for a free webinar, brought to you by IOFM.

The webinar will include a short, process readiness self-assessment – a service you can’t miss if you’re preparing to automate or not getting what you expected from your recent technology investment.

Jess Scheer
Editor, IOFM

Jess Scheer is an award-winning business reporter, covering the needs of financial operations professionals for more than two decades. As IOFM’s executive editor, Jess is responsible for continually updating member content on IOFM.com, as well as building our certification and event agendas. He is a popular speaker, hosting dozens of webinars each year and keynoting IOFM’s conferences.