December 19, 2024
As 2024 ends, it’s time to reflect on the trends that shaped accounts payable (AP) and finance operations this year. It’s been a whirlwind of change, innovation, and unexpected challenges. Yet, one theme remains consistent: automation is not just a “nice to have” anymore—it’s a strategic necessity.
No matter what your role is, understanding how these trends tie back to AP automation will help you set the stage for success in 2025. Let’s dive into the top five trends of 2024 and how automation helps address them head-on.
1. The Rise of Artificial Intelligence
Artificial intelligence dominated AP discussions in 2024 again, promising better insights, improved accuracy, and faster processing times. While many advanced use cases embraced these AI-based technologies for things like cash forecasting and predictive analytics, more AP teams started seeing AI’s benefits in automating invoice-to-pay tasks and leveraging the technology to enhance data capture, improve duplicate invoice detection, and reduce processing anomalies before they became costly mistakes.
How AP Automation Helps:
Many AP automation solutions already incorporate AI. From automating data capture and coding to detecting duplicate invoices, AI-driven AP tools make it easier to manage high volumes of transactions with precision.
2. Data-Driven Decision Making: The Metrics That Matter
Data analytics took center stage in 2024 as organizations leveraged AP data for operational insights. Performance benchmarking, such as measuring invoice processing times or early payment discounts, became essential for identifying inefficiencies and setting actionable goals.
How AP Automation Helps
AP automation platforms like Symbeo play a critical role in enabling AP leaders to extract actionable insights from operational data. With centralized platforms like Symbeo, AP teams can generate meaningful reports, identify trends, and optimize processes like cash flow management and supplier relationships. By leveraging automation, companies can shift from manual forecasting to data-driven decision-making, addressing supplier or cash flow issues proactively and improving overall financial health.
3. Continuous Optimization: The New Mindset
2024 saw a shift in how organizations approach automation. No longer seen as a one-time implementation, AP automation is recognized as an evolving process. Regular reviews—like health checks and automation assessments—have become vital for keeping up with technological advances and regulatory changes, identifying areas of improvement, and maximizing returns on investments.
How AP Automation Helps
Leveraging Symbeos automation platform supports a culture of continuous optimization by providing the tools and insights needed for regular performance evaluations. Health checks, error analysis, and rule updates ensure workflows stay efficient and scalable. By integrating feedback loops and managed services, organizations can refine their AP processes, adapt to evolving requirements, and maintain a competitive edge in an ever-changing landscape.
4. Resilience and Risk Management: AP’s New Imperative
In 2024, global disruptions and economic pressures converged to make resilience and risk management top priorities for AP teams. Supply-chain challenges like raw material shortages, geopolitical tensions, and extreme weather events turned supplier relationships into a strategic focus. At the same time, compliance complexity surged with evolving regulations, ESG mandates, and sophisticated AP fraud schemes threatening operational stability. These demands showcased AP’s pivotal function in supplier management and compliance oversight.
How AP Automation Helps
Automation strengthens supplier relationships by ensuring timely payments and eliminating errors that lead to bottlenecks. Advanced workflows provide real-time visibility into payment schedules, enabling proactive communication and quicker responses to supplier inquiries. On the risk management front, automation platforms enforce processing rules that minimize errors and detect anomalies. Duplicate detection features flag identical or near-identical invoices, preventing overpayments and financial losses. Automation rules provide a consistent framework for invoice validation, ensuring compliance with internal policies and reducing exposure to risks associated with manual oversight. By streamlining workflows and adding layers of validation, automation supports a more secure and efficient AP process.
5. Driving Cost Optimization and Value Creation in Tight Times
Economic uncertainty in 2024 pushed organizations to focus on cost optimization across every department. For AP, this meant finding ways to do more with less, as manual processes became glaring inefficiencies. At the same time, forward-thinking companies began to reframe AP as a value driver, leveraging automation not only to reduce costs but also to generate strategic benefits like early payment discounts and cash flow optimization.
How AP Automation Helps
AP automation platforms transform cost centers into value drivers by reducing manual touchpoints, cutting error rates, and speeding up invoice processing. Organizations with automated processes report significantly lower costs per invoice and can take advantage of early payment discounts, creating measurable financial benefits. Additionally, automated systems provide actionable insights into cash flow and supplier performance, enabling AP teams to contribute strategically to the organization’s financial health.
As we close the books on 2024, one thing is clear: the role of AP is evolving. It’s no longer just about paying bills – it’s about adaptability, strategy, and leveraging technology to drive meaningful outcomes. AP automation is the backbone of this transformation, empowering teams to tackle challenges and embrace opportunities.
For companies still operating with outdated processes, now is the time to make the leap. And for those already leveraging automation, 2025 will be about optimizing and expanding capabilities.
Symbeo remains committed to partnering with our customers, helping them navigate these trends, and reaching new heights in their automation journeys.
What trends do you see shaping the future of AP? Let’s connect and discuss how Symbeo can help prepare your business for what’s next.