The rate of change is accelerating. Like all other organisations, accounts payable (AP) must prepare to address new challenges and opportunities. Accounts payable is under constant pressure from finance and purchasing, and other internal customers, and from vendors externally. As the organisation that controls the disbursement of 30%-70% of a company's funds, AP is always looking for ways to increase its efficiency and effectiveness. AP is also under constant scrutiny from regulatory authorities for compliance with laws and regulations.
AP must continually identify and evaluate alternatives and implement those that best address their challenges. There are also barriers and catalysts that impede or trigger which of these challenges AP must deal with as priorities. And, sometimes there are significant breakthroughs that can help AP reduce pressure and improve its performance.
Some past challenges and breakthroughs have not been as significant or had as great an impact as initially expected. Some have not yet resulted in widespread adoption. Understanding how to evaluate these developments and whether they are relevant to your AP department are critical to AP's future success. Equally important is an understanding of the potential barriers and catalysts affecting priorities and implementation success or failure.
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