It would be an understatement to say that processes among financial teams have changed quite a bit over the last few years. It makes sense: turmoil warrants necessitated change, which ushers in a technological revolution.
How many organizations do you know still use the same old, outdated tech stack that’s been around since the early aughts (or worse, even before…)? Unfortunately, according to recent data, that number is still way too high.
To stay ahead of the game, you need to keep an eye on the market's pulse by analyzing what successful financial teams are doing, trends they are taking seriously, and future-proofing your tactics to encourage even faster growth.
One of the most prominent landmarks of the latest financial tech revolution is artificial intelligence and other automation tools used to help optimize and streamline antiquated and time-consuming processes. Even before the pandemic, processes started to shift in finance teams because of the widespread availability of automation and AI.
Here are some details about precisely what AR and AP teams look like nowadays:
While some of these trends apply to both Accounts Receivable and Accounts Payable, it’s essential to recognize their importance in each separate space in order to understand them. For example, while both AR and AP see an increase in paperless payments, the way they impact each sector is different.
Being ready to act when trends change is crucial. With an eye on what modern teams are known for in 2022, we can now look at the latest emerging trends that threaten to change the current status quo and how to take advantage of them.
Staying up to date and being able to forecast trends gives you and your business a huge advantage. You don’t just know what’s happening in your space; you know what WILL happen in the future.
Taking time to look at the current state of AR and AP teams and identify what trends are emerging is time-consuming but, it’s necessary if you want to evolve your processes to keep up.
Here are some trends shaping the way finance teams look now and will look in the future:
The trends mentioned above are just a few that experts are taking note of in 2022. While many others are on the horizon, these are a great starting point for AP and AR teams to better understand the financial world they’re operating in.
In the face of constantly evolving new technologies, widespread resignations, and a (semi) post-pandemic world, there’s no question that the realms of AR and AP will remain in flux. But like other trends, spotting the opportunity to act and change can give you a competitive advantage.
See how Tradeshift is helping cutting-edge financial teams prepare for 2022 and beyond. Scale your digitization with our comprehensive global compliance and leverage simple and fast integration options. Schedule a demo now.