Future ready accounts payable intelligence hub: the certainty in uncertain times

September 28, 2020

As CFOs aggressively pursue strategic growth for their enterprises, there is an overwhelming need for a digitally enabled finance function that can drive real-time intelligence and collaboration—both within and beyond.

Furthermore, the pandemic and the ensuing economic impact have necessitated that CFOs accelerate their digital finance journey. Accounts payable, with a direct line of sight into the supply chain as well as working capital and compliance, becomes the focal point in this journey.

However, there remains a wide gulf between the desired state and the current state of most accounts payable functions. 

• 36 percent firms using paper invoicing 
• 47 percent relying on manual processes for approval
• 49 percent payments still being made by checks
• 55 percent paper-based suppliers
• Only 19 percent of early payment opportunities captured

As effective working capital management becomes key to surviving and thriving in the new order of business, it’s imperative to drive a digitally connected AP function – enhancing supplier relationships, improving working capital and reducing fraud exposure. 

A ‘future-ready accounts payable intelligence hub,’ underpinned by an open and collaborative digital ecosystem, is the way forward. Tradeshift and WNS present a timely and insightful paper, detailing the key elements, efficacy and real-world outcomes of an accounts payable intelligence hub.