In this video, Mark Severance, Director of CRE Sales, and Ben Hofferman, Chief Construction Officer, discuss the critical role of accounts payable (AP) automation in the digital transformation journey for construction companies.
They delve into the operational benefits, including increased efficiency, reduced risk, and improved employee satisfaction, while highlighting how AP automation can serve as a bridge to broader digital automation initiatives. The discussion also covers key considerations for selecting an AP automation solution and how we at RKL can assist companies in their automation journey.
- The Digital automation journey in construction and real estate includes three primary steps: identifying manual processes and bottlenecks, leveraging technology to streamline these processes, and measuring results to move on to the next phase of automation.
- Accounts payable (AP) automation can significantly increase efficiency, reduce errors, improve financial control, and enhance employee satisfaction by automating processes such as invoice processing, approval workflows, and payment transactions.
- Implementing AP automation is a strategic step in a broader digital transformation journey, centralizing financial data, enhancing compliance, improving decision-making, and supporting sustainability efforts.