September 14, 2020 | Accounts Payable Blogs
Accounts Payable (AP) and procurement teams often work in silos and have different priorities. In most enterprises, the two teams work with different technologies and solutions, and have different metrics to measure success.
While the key priorities for procurement may be cost savings, supply continuity, and building strong relationships with strategic suppliers, the AP team is focused on optimizing invoice and payments processing, reducing errors, and securing early payment discounts. Reporting structures — the two teams report to different heads of business — further hamper collaboration. It’s quite common for AP teams to deal with surprise invoices that lead to time-consuming investigations and delays in invoice processing and payments. These delays can strain relationships with suppliers and impact the supply chain.
An AP automation platform, such as GEP SMART™, can benefit both AP and procurement immensely. A technology-driven collaboration between these two teams can lead to better communication and visibility, and drive significant savings and value for the enterprise.
Here are six key benefits of a technology-driven collaboration between AP and procurement.
Automation may be just the beginning of a complete transformation of AP processes. Increased deployment of machine learning and artificial intelligence can create more opportunities to access data, make informed decisions, and drive more value.
Get your AP and procurement teams to collaborate more effectively with GEP SMART AP Automation.
GEP SMART™ AP Automation unifies the order-to-invoice process with the source-to-contract process, effectively connecting every order to a contract, to a plan and to a target. It provides full procure-to-pay functionality — from item search to invoice matching and payment authorization — with best-in-class user experience. Learn more about GEP SMART.