Many Accounts Payable (AP) teams find themselves at a crossroads between digital transformation and the status quo. Innovation presents opportunities for improved efficiency and challenges in the form of payment fraud. By centralizing and automating processes, AP teams can build the agility necessary to thrive in the digital age.
The landscape of payments, banking and technology is evolving at an unprecedented pace. With each new technology come a host of opportunities for process improvement and automation that can elevate the strategic role of Accounts Payable teams and alleviate reliance on manual processes.
Technology innovation and the speed of change are also introducing new payment fraud risks. The range of tools wielded by fraudsters is becoming increasingly sophisticated. With the use of deep-fake voice and videos, social engineering is becoming more effective, and heightening the risk for AP teams on the front lines.
To successfully navigate these challenges and capitalize on the benefits of digital transformation, AP teams must evolve and embrace agility.