The speed of business continues to accelerate while markets expand, shift, merge, and emerge at a pace never seen before. The result is a fast-moving and highly-competitive global marketplace that finds its participants increasingly interconnected and under greater pressure to exploit any and all opportunities that arise. In this business climate, agility and innovation are how market leaders create and maintain their competitive advantage with many now reliant upon outside partners and suppliers to ensure that they can respond to rapidly shifting market pressures and deliver the products and services their customers need most. B2B networks are a key part of succeeding in this new climate, and have become more valuable in recent years as a result.
Despite these changes in the market, however, the accounts payable (“AP”) team today faces many of the same challenges that AP groups faced a decade ago—the abundance of manual data entry and paper-based processes (e.g., paper invoices and checks, manual data-entry and approvals, etc.) that result in highly inefficient and costly operations. Because of this, according to Ardent Partners’ research, more and more AP groups turn to B2B networks to help combat their lengthy processing times and high processing costs.
The network effect is a well-known business theory that states that a network grows in value as more users join it. B2B networks have much the same result, particularly when it comes to managing the accounts payable (AP) process. As more suppliers join the network, an AP team can gain more efficiencies by a greater number of trading partners on the network. Suppliers see benefits as well.
On Wednesday, February 10th at 12:00 pm MST, join Andrew Bartolini, Chief Research Officer, of Ardent Partners for a complimentary webinar (click here to register) on how B2B networks can have an impact on AP operations.
In this webinar, hosted by Oildex, you’ll hear how leading AP teams are using B2B networks to:
- Automate the three major phases of the AP process
- Improve the efficiency and accuracy of the function
- Better manage AP performance
- Enhance the level of visibility throughout the AP process
- Support the efforts to manage and optimize the P2P process
Ask questions, participate in the discussion, and learn more about how other AP teams are gaining greater efficiencies through the network effect.
Date: February 10, 2016
Time: 12 p.m. Mountain Standard Time
Sponsored by Oildex
Andrew Bartolini, Chief Research Officer, Ardent Partners