How accounts payable (AP) transforms its operations performance into best-in-class depends on the strategies put in place throughout the process. Choosing those strategies may seem like a daunting task, but Ardent Partners has done the heavy lifting. They’ve compiled these strategies in chapter four of their recent report.
Based on the experiences and perspectives of 175 AP and finance leaders, Ardent Partners recommends a host of strategies, including…
- eliminate paper-based processes
- strengthen collaboration between AP and procurement
- understand the value of business networks and build a business case for this interconnectivity
- build AP into a function that promotes business agility
- focus more on payments