Both consistent and chaotic, 2021 was as strange as years come. Whether or not this is the year COVID-19 finally ends, 2022 should be an eventful year for Accounts Payable professionals who embrace change and think ahead.

Supporting a Hybrid Workforce

It should be obvious by this point that “business as usual” is never coming back. The number of full and part-time remote employees has risen steadily over the last decade and, with COVID-19 still raging, it looks like there’s no turning back. 80% of workers between the ages of 22 and 65 expect to work at least three days from home this year and their numbers should grow as the years go on. In fact, Future Workforce predicts we’ll see the remote workforce double in size by 2025.

It’s more crucial than ever for businesses to employ cloud-based AP solutions that connect their teams to a central source of information, wherever they are. Though digitization is nothing new in AP, 2022 should be the year that even laggards recognize the transformative powers of tech.

AI and Machine Learning Make a Real Impact

For over a decade now, each New Year has presented AP professionals with new reminders that game-changing technologies are on their way. 2022 could prove an important year for many, the year terms like Machine Learning and Artificial Intelligence finally evolve from buzzwords into core components of daily business. Process automation has become far more than a luxury and now these more advanced technological capabilities are here to stay as well.

Artificial intelligence and Machine Learning capabilities are at the heart of Corcentric’s Core Framework, the foundation of our modular S2P and O2C solutions. They not only ensure that Procurement, Finance, and AP teams are ready to overcome obstacles today, but prepare customers to keep getting better and better.

AP Fights for a Seat at the Table

In their most recent “Metrics That Matter” report, Ardent Partners identifies four primary challenges facing Accounts Payable professionals. Three are obvious, and directly related to manual processes and subpar solutions:

       60% of surveyed organizations say their invoice and payment approval process takes too long

       48% are dealing with too many exceptions

       31% are buried by the tedium and waste of their paper-bound processes 

The fourth challenge has more to do with AP’s place within the organization than its day-to-day concerns. 33% of the AP professionals Ardent Partners surveyed reported that a lack of respect and status within the organization holds them back. Fortunately, the same solutions that help address those other challenges can, by extension, help AP elevate its role and stake its claim to a seat at the executive table. With fewer papers to sort through and manual processes to carry out, AP can feel empowered to adopt a new role and begin advising the organization from a more high-impact, strategic perspective.

Many organizations can’t wait for AP to step up. New supply chain disruptions brought by the ongoing pandemic mean protracted processes and fraught supplier relationships. An empowered, tech-enabled AP function is equipped to address these challenges and help build a more resilient and adaptable business.

Transform AP in 2022

Corcentric customers are well prepared for whatever the weeks and months ahead bring their teams. When organizations trust Corcentric to digitize and optimize AP, they can:

       Eliminate 100% of paper from AP’s processes

       Process invoices up to 70% faster thanks to fewer manual tasks

       Reduce the cost of processing invoices by as much 80%

Corcentric’s solutions are constantly improving to suit the needs and address the challenges of today’s leading businesses. Contact Corcentric to learn more about how our solutions for AP and Finance can empower you to tackle both familiar and unexpected challenges in 2022 and beyond.

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Bennett Glace

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