Accounts Payable Automation Trends 2022: The Speed of Change
In the latest Automation Trends Survey conducted in conjunction with IFOL, we sought to uncover the current state of automation in Accounts Payable teams worldwide. The research has highlighted that the majority of businesses have yet to drive change despite the heightened urgency brought on by the challenges that have been experienced over the last few years.
And there is good news – fully automated teams are on the rise! The number of AP teams who are fully automated has nearly doubled in the last two years with 9% fully automated in 2021 compared with 5% in 2019. While moving to a fully automated process does take an investment of time, there are more resources available to support your initiatives.
Some of the other key findings from the survey include:
- Nearly half of all respondents spend more than 5 days per month manually processing invoices
- A growing number of AP teams are moving towards automation due to concerns around scalability.
- Now is the time for change, with 41% of respondents looking to automate their AP processes in the next year.