Evaluating Accounts Payable Automation Solutions
What Is The Procure To Pay Process
The first step requires companies to determine their specific needs in terms of data analysis. This includes analyzing internal data sources to determine the types of data that need to be integrated in the APA software, such as invoices, purchase orders, and credit cards. This also includes understanding data sources that may need to be secured or protected, such as confidential customer information or payment data. Finally, it is essential to evaluate the existing analytics tools used in the organization and determine if any of them would need to be replaced in order to accommodate the chosen APA software.
Solution DesignThe solution design phase is where organizations can plan out the technical details of their APA strategy. This typically includes designing an appropriate system architecture, assessing the security and scalability requirements, and evaluating the necessary integrations with existing applications and partner systems. During this phase, it is important to consider the compatibility of the APA solution with users’ existing hardware and software components. Furthermore, it is important to determine the ease and speed of configuration and deployment to ensure successful roll-out.
Functional EvaluationThe functional evaluation phase is where companies can assess the capabilities of different APA solutions on feature-by-feature basis. This includes evaluating the existing payment hardware and capabilities, assessing the features necessary for invoicing and payment processing automation, and evaluating the ability to apply invoice-level control for regulatory compliance. Additionally, this should also include comparison of the different available user interfaces and reporting capabilities.
Financial EvaluationThe financial evaluation phase requires companies to define the total cost of ownership for their APA solution. This includes examination of the hardware, software, and service costs associated with the chosen solution. It is vital to consider the cost savings that the solution can bring, such as time savings, productivity enhancement, cost reduction through automated processing, and improved regulatory compliance.
Implementation PlanningThe implementation planning phase is where organizations can put together detailed plan of action to roll-out and begin using the APA software. This includes planning user training, system installation, and maintenance. It is important to consider the availability of support staff both internally and externally to ensure satisfactory level of service. Additionally, this phase should also consider any change management strategies that need to be developed in order to support successful adoption of the new APA solution.
By carefully considering each of the above steps during their evaluation of APA software, financial executives can ensure that their organization has selected the most suitable solution for their procurement and payment processing needs. With thorough understanding of the features, benefits, and implementation costs of the chosen solution, companies are in much better position to ensure successful long-term use of their new APA software.
