Despite seemingly obvious operational benefits, including ease of use and overarching value, mobile technology is surprisingly under-utilized in accounts payable workflow operations and management. The capabilities exhibited by AP solutions touting mobile functionality are indisputable. Here are three ways that top-performing financial teams are benefiting from mobile solutions.
- Leaders are 150% more likely to have mobile solutions than Followers. Aberdeen’s research finds that leading organizations are actually among the first to adopt mobile technology for the accounts payable function. Not only are they 150% more likely to have implemented these solutions today, but data also indicates that a greater percentage of Leaders plan to implement this capability in the near future. This tells us that organizations ignoring this technology could be left behind.
- Organizations with mobile AP are 18% more likely to operate centralized invoice-management programs and 28% more likely to execute a standardized invoice management process. These two capabilities provide a singular location to process invoices. Couple these with a unified, cohesive set of electronic invoices and approval workflows and you have now effectively minimized process bottlenecks and siloed or fragmented management of the AP process, while significantly increasing the ability to expedite payments to suppliers.
- Solutions with AP mobile offerings are 1.9x as likely to enjoy Straight Through Processing. STP and on-time payments are both benefited from mobile offerings. This is primarily due to the simple, yet vital improvements in internal as well as external communications and processing that result from utilizing mobile applications to support their primary platforms.
The reliance on mobile technology has permeated virtually every facet of our lives. It is an increasingly important tool that transcends basic communications and enhances business operations. The same is true for AP mobile technology. It is still burgeoning, but has already proven to be a useful vehicle to improve the efficiency and productivity of essential AP functions.
To learn more, read the full report: Overlooking the Obvious in AP Communication? Adopt and Integrated Mobile Strategy.