2014 trends affecting the Accounts Payable area

Mar 11, 2014 | Accounts Payable Management

In the context of he technological revolution that we are living, and the winnowing of companies due to the crisis, of those that remain only the most competitive and evolved in relation to the new business scene, it is fundamental to maintain an open attitude and be ready to evaluate the benefits of the different options that arise.

Trends in 2014 that affect Accounts Payable

The Accounts Payable department, placed within the economic frame of the company, and due to its operating characteristics, finds itself in a clearly sensitive position in relation to the advance of the new technologies.

We are going to look at some of the trends that have been consolidating in the first months of the year and that could contribute to the establishment of a department much more focused on excellence.

Electronic invoicing and Quick payment

The lack of credit to companies, the increase in taxes and the reduction of income motivated by the crisis, have caused a lack of liquidity that, at the end of 2013, has lead some providers to "reward" their clients who are most diligent in payment with discounts for quick payment.

And this has meant that companies that are implementing electronic invoicing solutions to automate their invoice flows in the Accounts Payable process achieve greater savings in Procurement by streamlining payments and reducing lead times.

The use of the electronic invoice is starting to be supported by the Public Administration and platforms are arising at a local, regional and national level to normalize the use of electronic invoicing  in the coming years.

Big Data

This is one of the concepts that technology has brought in a natural and easy form, putting it at the disposition of all of us, making it possible that we are advanced analysts in the processes for which we are responsible. 

The management of a multitude of data, from its collection to its correlation to convert it into useful and relevant information for the business, has been simplified and democratized allowing us to make decisions based on objective and validated data.

The figure of Processes Director or Global Sourcing Manager

All the visibility that is being achieved in the different areas of the supply chain, purchasing and Accounts Payable in the company thanks to new technological solutions, do not serve to achieve efficacy if there is not a figure capable of encountering the way to intelligently relate the processes and coordinate them within a new agile, flexible and efficient paradigm.

Balance of Globalization and New Emerging Markets 

After 10 years of experiencing the pros and cons of the emergence and apogee of globalization, new effects are beginning to appear in which large companies, who had taken their production to China or other areas with cheaper labour, have begun to reconsider bringing production back to the west, to their countries of origin. On the one hand, the economy has taken a turn in some countries, changing salary and labour policies. One the other hand, new business strategies are being developed, which make use of globalization only in very specific segments of production and in a flexible way.

The emerging economies (after the BRICS economies, investment is being directed towards the MINT) are suffering a balanced geography, and companies must move and localize themselves where new opportunities are appearing for their supply chain.

All these environmental factors in relation to the Supply Chain of companies, will provoke a deep review of the strategies of expenses and the processes in the different areas related to them.

Are you aware of these trend in your company? Have you thought about the need to readjust the department strategy in relation to this?

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