Accounts Payable automation still provides tremendous value to many organizations decades after such automation tools as OCR and electronic workflow were developed. With the advent of vendor portals, supplier portals, dynamic discounting, electronic invoices, advanced data capture tools, document assembly tools and supplier networks; and most recently robotic and block chain technology, AP automation continues to reduce costs, increase accuracy, and enhance security. But for many years these systems were out of reach of many companies due to the high cost, complexities, and significant IT overhead that came with these on-premise systems.
Today as cloud based applications are becoming more ubiquitous, AP automation, including many of the sophisticated technologies that were out of reach in the past, has become more affordable and available to many more companies.
Not all cloud based AP automation applications are the same and it would be wise to research alternatives that fit your specific goals before signing onto that “shiny new toy” with all the fancy bells and whistles! Here are some of the questions you should be asking when evaluation AP automation solutions:
- Is the solution a multi-tenant shared application or single-tenant cloud hosted application?
- Will I own of all of the data and will my company have access to that data 24×7?
- Can I easily add functionality and change configurations without going through the costly process of paying for the application provider to build or waiting months for the next release?
- If I decide to change applications and move to a different platform or solution, how easy will it be to move my data?
- Can the AP solution easily integrate with my back-end ERP systems, no matter what they are?
These are just a few of the questions you should be asking to insure whatever solution you choose will meet your specific business needs (not the masses), give you real time, unrestricted access to your data, and provide the flexibility needed as you grow and change in this dynamic economy. ICG’s cloud hosted solutions can meet you needs for today and tomorrow! A partial list of ICG vendor management solutions include:
- Vendor Portal/Supplier Portal
- Vendor Onboarding/Supplier Onboarding
- Dynamic Discounting
- Data Capture/Document Capture
- Non-PO and PO Invoice Processing
- Electronic invoice submission
- Web-based Payment Inquiry
- Payment Dispute Submission & Tracking
- Online Payment Requests
- Dashboards, Reporting and Robust Search Engine