Discover the transformative power of automation in financial operations with this digital eBook from ASUG and Esker

Delving into the intersection of accounts payable (AP) and accounts receivable (AR), this digital eBook explores how intelligent technologies like AI and ML are reshaping traditional processes. It also provides deeper insight into cash flow management. Learn how organizations leverage automation to overcome challenges, enhance financial transparency, and make informed decisions for sustainable growth and operational efficiency.

An Evolving World 

It’s no secret that the last five years saw enormous changes in the way enterprises conduct business. 

In particular, advances in intelligent technologies including artificial intelligence (AI) and machine learning (ML), along with shifting customer expectations, are driving alterations in operations across all business functions and sectors. No job function or company is completely exempt from these changes.

This is especially true of financial operations, including the ways enterprises manage their cash flow. Processes that were once rooted in pen and paper (or spreadsheets) are being transformed (and improved) by new technology solutions, giving financial professionals better, deeper insights into a company’s cash flow.

In fact, Esker found that 76% of interviewed chief financial officers reported that utilizing new intelligent technologies (including AI and ML-imbued solutions) or improving legacy processes are key ways companies can change so that other functions can help execute corporate financial strategies. Specifically, many organizations are leveraging intelligent technologies to improve accounts payable (AP) and accounts receivable (AR) processes. These solutions not only speed up AP and AR procedures, but also give enterprises a deeper understanding of cash flow and organizational health.

Corporate financial leaders and stakeholders are considering applying these technology solutions to AP and AR transactions in the current financial climate. An alarming spike in inflation dominated headlines in 2022. In August 2023, the U.S. Bureau of Labor Statistics reported that the consumer price index rose 3.7% on an annual basis. To combat inflation and the rising price of goods and services, the U.S. Federal Reserve raised interest rates to historic heights.

These economic constraints and the black swan events that disrupted the world economy (including COVID-19, labor strikes, and blocked shipping canals) serve to highlight the fact that all companies must become more flexible. Crucial to financial flexibility are granular insights into an enterprise’s financial health, especially cash flow. Fortunately, as financial leaders consider new business and operational realities, technology solutions offer a way to help enterprises stay nimble while meeting or exceeding customer and partner expectations. As the world continues to rapidly evolve, intelligent solutions enable businesses to stay ahead of the curve and maximize profits.

Read the rest of the insights.