Accounts payable automation is not a new phenomenon. The global AP automation market size is expected to grow from USD 1.9 billion in 2019 to USD 3.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 11% during the forecast period.
One of the most crucial reasons for the exponential growth of the AP Automation market is the rise in the number of demands to reduce the volume of delayed payments. This helps improve all AP transactions compliance rate.
AP automation solution sector is expected to hold a more significant market share during the forecast period. Since the manual procedures are time-consuming, expensive, error-prone, the AP automation helps automate all the payment processes.
In addition to this, it can be easily integrated with the ERP. This results in an enhanced ability to adopt changes and increase payment processes’ efficiency. It also empowers various organization stakeholders like CFO’s, managers, accountants, and AP staff to carry out their tasks effectively.
Here’s what the near future of accounts payable looks like:
“The state of ePayables report 2019 report indicates that 55% of organizations perceive the AP function as either “very valuable” or “exceptionally valuable” to organizational operations.”
Close to 70% of data goes unused, according to Forrester.
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