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Finance organizations are charged with reducing costs, improving performance, achieving regulatory compliance, increasing visibility and enabling the corporation's strategic initiatives — all at the same time. The fundamental issue is not whether a company should strive for these goals but how well they can be accomplished. A strategically engineered transformation of processes that achieves these goals — cutting operational costs and minimizing financial risks — obviously requires serious consideration. This white paper examines in detail the relevant issues and benefits of Accounts Payable (AP) transformation as well as recent industry-wide research and best practices around such initiatives.

Evidence suggests that the core solution to the Finance challenge lies in optimizing workflow processes to improve overall speed, efficiency, control and visibility of operations. Optimization is a function of finely choreographed automation and best practice workflows expertly applied to a set of processes. Automation effectively meets the AP challenges of cash management, lack of transparency, process inefficiencies, delayed closing times, poor productivity and threats to compliance posed by fraud and errors.