Break Down the Silos Between Procurement and Finance with Digital Transformation in AP

⇨ AP invoice automation can help control spend and secure cash.

⇨ Companies have more options than ever before to automate, streamline, and ensure compliance within their AP workflows.

⇨ AI capabilities are proving beneficial for many finance workflows, including AP.

As organizations move to SAP S/4HANA, they must make targeted investments within their finance departments to operate more intelligently. In SAPinsider’s recent AI and Automation in Finance report, 31% of survey respondents said their organization was already using invoice and payment processing solutions to support their organization’s intelligent finance strategy – a higher share than any other solution.

These automated finance solutions are only effective when deployed properly. At SAPinsider’s recent Vegas event, Serrala’s AP Product Director, Matt Pitcher and Principal Solution Architect Rob Jackson hosted a session discussion three of the key factors every accounts payable organization should consider ahead of their digital transformation journey to SAP S/4HANA.

AP Automation Increases Control Over Spend

Accounts payable solutions can break down the silos that often occur between finance and procurement departments. In the session, Pitcher shared how AP automation solutions can give business leaders a holistic view of the entire procure-to-pay process.

Capabilities like AI-powered end-to-end process automation, streamlined vendor payment processing, and fraud detection can offer a single source of truth, giving different teams the same set of information to optimize payments and control supplier spend.

SAP users aiming to implement these solutions should seek out SAP certified options to maximize their value. Certified solutions can leverage other data within the SAP landscape to offer enhanced control over cash outflows, forecast cash more accurately, and analyze payment trends to predict demand.

Rapid AP Changes Require New Technology

The way organizations handle their AP processes are constantly in flux. This upheaval can affect how companies handle their digital transformation journey to SAP S/4HANA. Companies should rethink their AP processes and prioritize improvements that will increase automation, support a clean core SAP environment, and improve compliance y with local and global regulations.

Pitcher and Jackson shared three factors that will impact how AP moves to SAP S/4HANA:

1. Moving to SAP S/4HANA will force AP departments to leave behind heavily customized workflows to ensure standardization and a clean core.
2. As the need for E-invoice compliance grows, business should enhance their invoice capture, processing, retention, and reporting capabilities to meet global regulations and mandates.
3. Selecting an AP automation solution that natively embeds within SAP will streamline implementation and integration and avoid data duplication issues. Organizations should also ensure that their solution is certified for their specific SAP S/4HANA instance, whether that is in the cloud or on-prem.

Role of AI in AP Invoice Automation

The use cases for deploying AI are constantly growing. Many AP workflows can now benefit from AI and machine learning. Some of these use cases include:

• Accurate invoice data extraction
• Invoice matching and automated approvals
• Enriched AP data insights
• Cash Forecasting
• Fraud Management

The move to SAP S/4HANA is an ideal time for companies to review their workflows. As part of this process, companies should see where infusing AI can enhance efficiency and detect anomalies.

What this Means for SAPinsiders

AP should be a top priority for overhaul. AP invoice automation can help control spend and secure cash. With swirling global economic uncertainty, AP automation should be a top priority for SAP organizations beginning their digital transformation.

New technologies are abundant. Companies have more options than ever before to automate, streamline, and ensure compliance within their AP workflows. Finance leaders should seek out solutions that offer these options and integrate seamlessly within SAP.

The future is now for AI. AI capabilities are proving beneficial for many finance workflows, including AP. Companies should research how best to leverage this technology to benefit their bottom line.