Improve the accounts payable process through leveraging AI

With organizations across industry sector constantly under pressure to do more with less, we can all agree that accounts payable process expectations are far more demanding today than they were even a couple of years ago.

We now live in a time when simplifying manual operations and operating in a Lean fashion is the norm, and streamlining accounts payable is no different. Modern finance functions can no longer afford to pass up opportunities to free up labor and capital to focus on business-critical payable processes.

Overcoming AP process challenges – at speed

No doubt you’ll be well aware of the inefficiencies in your accounts payable process. But failure to transform and streamline your processes can lead to a number of common challenges, including:

• Loading supplier and contract information incorrectly into master data files
• Relying too heavily on manual, error-prone processes to, for example, approve requisitions, scan supplier invoices, and issue payments
• Over-extending payment cycles that lose early payment discounts, or simply accepting discounts without considering the cost of the capital outlay
• Having no processes or systems in place to prevent late payments, underpayments, overpayments, duplicate payments, or missed payments.

While every organization is different, adopting best practices can help you implement an efficient, optimized, frictionless, and automated accounts payable process. This, ultimately, strengthens your cash position and builds resilience of your finance operations.

Strategies to transform the accounts payable process

But how can you make accounts payable process improvement a reality?

At Capgemini, we recommend leveraging artificial intelligence (AI) and intelligent automation to reinvent and optimize your accounts payable process. Some of the proven improvement strategies that we advise our clients on include:

• Setting up a reliable supplier portal
• Adopting a paperless processing environment
• Leveraging automated accounts payable solutions
• Centralizing accounts payable processing and reporting
• Adopting more robust governance practices
• Employing risk-free disbursements.

The approach should be to combine process knowledge with digital technologies, AI-driven operating models, and a partnership philosophy to breakdown functional silos within your accounts payable function and eliminate repetitive, non-value-adding tasks such as exception handling and insight dashboard creation.

Reimagine the accounts payable process through AI

Transforming your accounts payable processes with AI drives a myriad of business benefits and value-based outcomes. These include enhanced process efficiency, improved cash flow forecasting and liquidity, reduced cost, and increased profits.

On top of that, a streamlined, frictionless accounts payable function infused with AI can drive enhanced transparency, control, and compliance, and deliver optimized payment strategies that support both your business and your supplier ecosystem.

All of this drives agility into your finance function, enabling you to seize opportunities to increase productivity, boost service levels, and catalyze growth.

To learn more about how Capgemini’s AI.Payables solution infuses AI into your accounts payable processes to deliver next-generation, frictionless purchase-to-pay and improved customer satisfaction, contact: mahalakshmi.r@capgemini.com