Below is a summary of some great content from Iron Mountain on 5 AP Automation Myths debunked.
Myth 1: Automation does not equal efficiency
Automation is dragged from non-automated processes including transporting invoices in-between people and departments, delays from accruals, auditing, lost and duplicate invoices, and more.
Myth 2: Loss of control over the process
Scaling will kill your control over your Accounts Payable. The more transactions an organization makes, exponentially increases errors in manual processes. Automation offers greater control with clearer visibility.
Myth 3: Automation is expensive
The increased adoption of Cloud-Based SaaS tools has lead to an environment for affordable Accounts Payable Automation tools, such as Procurify.
Myth 4: Our business is too small for automation
Tied to Myth 4, the inexpensive tools can be utilized by businesses of all sizes. Small businesses have a leg up on larger organizations because they now have access to these tools that previously costed hundreds of thousands, if not millions, of dollars to build.
Myth 5: Our business is too big for automation
Once an automation process is implemented correctly, large organizations benefit the most from Accounts Payable Automation tools because of their high volume. The trick is to find a tool that is flexible enough to meet your organizations unique Procure-to-Pay process. Once that is achieved, large organizations will reap massive benefits.