The report, sponsored by US-based provider of procurement and financial process automation solutions Corcentric, presents an industry-wide view into what is happening in the world of accounts payable today by drawing on the experience, performance, and perspective of AP and finance executives.

Ardent Partners predicts that a new type of intelligence will emerge from the increasing flow of data available to the AP function. The report refers to this as the dawning of the Age of Intelligence. According to the report, modern AP teams should prioritise data management with a focus on extracting intelligence to improve performance and make smarter decisions.

According to the research, best-in-class enterprises are 92% more likely than all other enterprises to utilize e-invoicing as part of their overall AP program. As a result, they are avoiding error-ridden, time-consuming tasks associated with paper invoices. These operations are actively buying into the Age of Intelligence.

For further proof of the evolution of the AP function, AP leaders were asked what critical capabilities their organizations will need to develop or possess in order to improve performance: 90% said customer service approaches, 77% said fraud and compliance skills, and 74% said knowledge of the full P2P process.