We are moving into an increasingly tech-driven era. As we move, the idea of a life in a measurement of analytics isn’t a concept that’s totally foreign. After all, many people live by the data on their Fitbit. Or they have an app that measures their health, their diet, their sleep quality. Some folks track their finances with financial apps. These apps monitor their spending habits and helps them to plan so they can realistically reach their big goals. Goals such as, a new car, or a dream vacation in Barbados.
So why not harness the larger benefits of analytics when it comes to the job? For Accounts Payable professionals, their department is already uniquely set up to be an ideal candidate for tech driven tools. Tools like automation, but we need to chat more specifically about the benefits of predictive analytics.
Analytics is a bit of a full term because in some ways, it’s an idiom. This is because of trying to hold too many meanings under one umbrella.
Making Strategic Changes
Most people think of analytics as something that measures static events, without any association to a current business problem. But true predictive analytics provide actionable insights that help drive business strategy, giving decision-makers the real-time information they need to make strategic changes to adjust for desired outcomes.
What if you had an analytic tool at your fingertips that could provide a granular view of outbound cash flow, help you establish better benchmarks, and elevate the strategic role of AP within your organization – all while improving your internal and external customer service?
There’s much more to it: automation and predictive analytics are a true game changer for AP departments across all organization sizes and industries. Find out more by downloading our white paper, “5 Things You’re Missing if Your AP Automation Solution Doesn’t Have Predictive Analytics”.