Many organizations are not maximizing the benefits of Accounts Payable (AP) automation, despite its potential to streamline processes and reduce costs. Although faster invoice processing and early payment discounts are great, true AP automation opens the door to broader process automation and strategic advantages. Businesses can maximize their return on investment (ROI) through AP automation, improving efficiency, control, and data-driven decision-making.
Here’s how to maximize your return on investment (ROI) with AP automation:
1. Focus on Early Payment Opportunities (Not Just Faster Processing)
Don’t automate just for the sake of speed. Make your payment schedule easier to manage by leveraging automation. By negotiating dynamic early payment discounts with vendors based on payment timing, you can optimize cash flow and create a win-win scenario for you and your suppliers. Offering to pay invoices early in exchange for a discount is an attractive proposition for many suppliers, and dynamic discounts provide flexibility and further financial benefits.
2. Real-Time Data = Real-Time Advantages
Instant access to accurate information is a game-changer. AP automation solutions like InvoiceAction technologies automatically transform physical and electronic invoices into usable data. This data seamlessly integrates with your existing systems, minimizing errors and providing real-time insights. Reports and dashboards inform you about cash flow and key performance indicators (KPIs), empowering better decision-making and improved customer service through faster access to relevant documentation.
3. Scale Up, Not Headcount
AP automation frees your staff from tedious manual tasks. They can now handle more documents, efficiently manage exceptions, and address vendor/customer inquiries promptly. This shift allows your team to focus on higher-value activities that contribute more to the organization’s success. Additionally, automation empowers businesses to scale geographically without needing to significantly increase staff. Automated tasks like data entry, document filing, and approvals can handle growing transaction volumes, allowing your team to focus on continuous process improvement as the business scales.
4. Think Big: Automate for Enterprise-Wide Benefits
Don’t stop at automating a single process. The biggest benefit comes from automating across departments, connecting everything for a smoother financial flow. Many accounting tasks, such as handling vendor invoices, processing orders, billing, and managing customer payments, can be automated. Implementing a comprehensive solution streamlines workflows, minimizes training needs, simplifies IT maintenance, and significantly boosts overall efficiency, maximizing the return on your technology investment.
AP automation is a powerful tool that goes beyond just saving time and money. By strategically using its capabilities, you can unlock a new level of efficiency, control, and data-driven decision-making that will drive your organization towards long-term success.
For more information on AP Automation, Smart Process Technologies, and Intelligent Capture Solutions, Contact Us Today.
ROI AP Automation FAQs
Q.1 What is ROI in automation?
ROI (Return on Investment) in automation refers to the financial gains or cost savings achieved by implementing automation solutions, compared to the investment required to implement them.
Q. 2 Does AP automation only benefit invoice processing?
No, AP automation can be a stepping stone to automating other accounting tasks like order processing, billing, and customer payments. A comprehensive solution can streamline workflows across departments.
Q.3 How much does AP automation save?
Studies suggest that accounts payable (AP) automation can save organizations up to 60-80% in processing costs per invoice, by eliminating manual data entry, reducing errors, and improving efficiency.
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Nejal Panchal
Senior Process Manager
Mr. Nejal Panchal brings a robust background in Production Engineering and Business Administration to his role as a seasoned Process Manager and Market Researcher. With over 20 years of experience, he has distinguished himself in Process Management, Market Data Analysis, and project oversight. Known for his decisive management approach, exceptional communication prowess, and proficiency in negotiation, Mr. Panchal excels in ensuring operational excellence.
His expertise spans managing Hedge Funds, Fund of Funds, and Private Equity middle and back office operations. He possesses a solid foundation in fund data analysis, encompassing fund accounting and comprehensive market research.
In his current capacity, Mr. Panchal focuses on maintaining operational stability and enhancing service delivery efficiency. He prioritizes quality assurance, regulatory compliance, and optimizing productivity. His strategic insights are instrumental in advising senior management on refining processes, systems, and procedures to drive organizational success.
Aniket Ruke
General Manager – F & A
Aniket Ruke brings over 15 years of extensive experience in the accounting field, covering the US, Canada, Mexico, the UK, Iceland, and Australia. He has a proven track record of delivering high-quality work across diverse industries, including manufacturing, construction, automotive, insurance, financial institutions, law firms, medical and hospitality sectors, and non-profit organizations such as schools, churches, and welfare organizations.
He excels in managing complex accounting tasks such as sales tax, GST, and VAT reconciliation. He is proficient in a wide range of accounting software, including all versions of QuickBooks, NetSuite, Xero, Sage 50, Microsoft Great Plains Dynamics, MYOB, and more.
Known for his high-quality work and maintaining a healthy work environment, Aniket has successfully retained numerous clients. His expertise and dedication to excellence make him a vital asset to our team.
Pradip Gore
DGM – ITEs
Pradip spearheads strategic business development for IBN’s fintech domain, leveraging over 12 years of expertise in acquisition and customer management.
His passion lies in understanding business challenges and delivering optimal solutions.
Pradip is responsible for planning and overseeing marketing and sales activities, ensuring exceptional support and fostering strong customer relationships.
Pratik Shah
CTO
Pratik is a seasoned Technology Advisor and is responsible for designing the solutions that enable our global clients to drive business value and IT transformation, helping them exploit the power of Enterprise Mobility & Cloud, Internet-of-Things, and Big Data Analytics.
As a strategist, he uses his skills and experience to help drive innovation that ensures clients maximize the value that Cloud brings to organizations in a secure, compliant, and optimized way.
He is a proven leader in the cloud space with over 16 years of experience creating and scaling very large cloud platforms and services.
He has led his teams to successfully deliver several Technology Strategy & Product consulting engagements with some of the Enterprises in the field of Energy, Utilities, Logistics, Construction, and Manufacturing.
Pratik is passionate about building Connected Enterprises and helping them grow faster using modern technologies.
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Global Head Sales & Strategies
Surendra is an astute Business Strategist, Cloud Evangelist and has Business Leadership experience in creating highly effective sales teams and leading strategic sales efforts with large global enterprises. He is involved in strategic planning and implementation of technology-led activities and innovations benefiting the core business.
He is responsible for driving CloudIBN’s global growth strategy and market leadership by delivering and supporting Cloud Services and solutions.
He brings with him 16 plus years of experience in IT Sales and Marketing, channel operations, customer-centric operations, business development, and business partnerships. His journey of 16 years has seen coveted technical and managerial roles which allowed him to lead teams of exceptional sizes, develop and coordinate sales selling cycles to result in surpassing revenue targets.
He strongly believes in creating authentic and mutually significant long-term relationships with customers. His background also includes leadership positions in top-tier companies such as Tata Communications and Sify Technologies Ltd, where he was responsible for the end-to-end strategies to advance the company’s Cloud Computing position.
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Founder and CEO
Ajay Mehta is responsible for overall strategic and operational, including setting the vision, crafting and implementing the strategy, and driving growth. He is focused on delivering superior financial performance along with high customer and people satisfaction with a goal to make IBN a notable company.
He firmly believes that cutting-edge technology should be used to solve complex, real-world problems. He has an eye to catch a glimpse of the big technological waves early and leveraging them, much before rest of the mass wakes up to those.
Ajay has founded IBN in 1999 and has taken the companies value to the next level by mean of all the business ethics and Business Innovations while being focused on developing and accelerating innovation across the company.
