Think about how it took nearly ten years for mobile apps to become as advanced as they are today, starting from the time when the first smartphones arrived. Well, that might seem slow when compared to the rapid adoption of another technological marvel: Accounts Payable (AP) automation solutions. These changes are happening quickly, and they’re not just speeding things up; they’re also completely changing how we handle our AP and business operations.
As we’re about to enter the year 2024, join us on a journey to explore seven exciting trends in a world where making payments and handling money is not just easier but also more interesting. In the following blog, we’ll talk about leaving behind old-fashioned ways to create strong relationships with the people we do business with. Welcome to the future of AP automation, where there are endless possibilities, and things are always moving fast.
What Are AP Automation Trends?
Before we get into the specifics, let’s define AP automation trends and why they’re important. The strategies, tools, and techniques that businesses use to automate their accounts payable process to improve productivity, cut costs, and manage risks, including data theft, fraudulent payments, and more, are collectively referred to as AP automation trends. For organizations trying to preserve a competitive edge and adjust to shifting market dynamics, staying informed about these trends is essential.
Key AP Automation Trends to Know
1. Data Capture with Smart Optical Character Recognition
The arduous process of manually processing invoices and payments is about to come to an end. We’re going to notice a significant change away from all that demanding effort in 2024. Instead, we’re turning to intelligent systems powered by cutting-edge technology such as smart data capture and automation. The groundbreaking OCR (Optical Character Recognition) technology is going to handle labor-intensive tasks such as fetching correct data from multiple and diverse types of invoices, helping AP staff to reduce errors.
