Adoption of digital and automated solutions has increased in the last few years, resulting in lower costs, more time and efficient savings for those implementing them.
The Procure to Pay Network’s Annual Survey looks at how large organisations are responding to Procure to Pay technologies and evolving market trends.
Based on a study of senior influencers and decision makers within Procure to Pay (P2P), Finance, Procurement and Supply Chain, the report spotlights how they are responding to the benefits of digital adoption and how e-invoicing is streamlining processes.
The rise of automation
Due to the global pandemic, wars, supply chain issues and cost of living crisis coming to a head at once, companies want better control over their processes, which involves using digital technologies.
25% of respondents said less than 10% of their operations were manual, with a further 56% expecting growth to increase in SaaS solutions and acceptance of cloud technology.
Barriers to e-invoicing and further invoice automation
Whilst investing in digital technology helps, figure 1 shows how some respondents still face barriers due to a lack of resources (as many as 46%), along with a lack of budget (29%) and 9% lacking clarity around which solutions to use. 25% revealed current processes work well enough, inferring comfort in their operations.
Like most digital technologies, e-invoicing helps make time and efficiency savings, reduce costs, improve compliance and improve on time payments. It can help tackle some of the current issues P2P is facing (figure 2), working across various areas of the business.
50% of respondents revealed reporting and analytics were either very poor or needed improvement, therefore digital solutions can improve such situations and smoothly integrate them into current operations.
What trends can we expect to see?
- Growth of cloud technology is set to continue increasing
- Executives will take the time to consider and implement new technologies, although they still require a better understanding of P2P issues for better global compliance
- Big data and hyper automation are set to become a key asset for companies
- RPA and AI technologies will help with manual tasks
- Constantly tackling fraud: as more people work remotely, usual processes and security measures change
What’s next for digital solutions?
Change management is key and crucial to decision making processes. By using time efficiently, executives can decide which digital solutions to use, hopefully aiding reporting and analytic capabilities in the process. There will continue to be a need for transparency to automate across different departments to ensure a seamless integration for teams.