June 2021: Automation Readiness

June 30, 2021

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While automation is essential for AP organizations to reach maximum productivity, it’s not something you want to plunge into without being prepared. This month, we explore what you should consider going in and what steps to take to get the most out of your solution.

Metric of the Month

One of the things that caught our attention in our soon-to-be-published 2021 Benchmarking Survey is how many organizations are automated, yet still using desk-level decision making. When everybody creates their own process for the work they do, it typically diminishes the benefits of the automation solution. (Department-level decision making is when everybody’s doing the same thing; P2P-level is when everyone is focused on continually improving based on the entire end-to-end process.)

The Key to World-Class AP

What’s the secret to top-notch AP operations? A recent IOFM study provides the answer: a combination of process consistency enabled by automation. To get the greatest benefits from automation, AP’s processes require a tune-up before implementation, yet many organizations fail to do this vital step.

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Software Implementations

IOFM spoke with industry expert Steve Iannarone to discuss software impact on AP and managing the shift to automation. He notes how inexperience can prevent the AP team from leveraging the opportunity to address their biggest pain points and makes suggestions for a smooth transition.

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Automation Planning Tips

An automation project can create disruption if it’s not carefully planned. While the prospect of changing how you do things may seem overwhelming, we offer 25 best practices for embarking on an automation project, building a business case, and selecting the best provider for your operation.

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Accelerate Your Career: APM Certification

In one full day, learn best practices for running a siloed AP function, managing your team regardless of resource limitations, and overcoming barriers to success. In the process, our expert trainer will prepare you to earn your Certification credentials as an Accredited Payables Manager.

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