<img src="https://secure.leadforensics.com/133892.png" alt="" style="display:none;">

What is the first thing that comes to your mind when you think about the top AP technology trends to watch for in 2018 and beyond?

I’d venture a guess and say it was not bitcoin and blockchain. Despite initial misgivings about whether cryptocurrencies would succeed, they have. So, it makes our list of top tech trends for Accounts Payable.

For those of you who have not kept up on the rise of bitcoin, here’s a quick primer courtesy of Wikipedia:

“Bitcoin (Ƀ) is a cryptocurrency and worldwide payment system. It is the first decentralized digital currency, as the system works without a central bank or single administrator. The network is peer-to-peer, and transactions take place between users directly, without an intermediary. These transactions are verified by network nodes using cryptography and recorded in a public distributed ledger called a blockchain. Bitcoin was invented by an unknown person or group of people under the name Satoshi Nakamoto and released as open-source software in 2009.”

Bitcoin and Blockchain

Adopting the cryptocurrency and blockchain duo in 2018 gives financial departments a central hub for every user to access, audit, and approve secure transactions. There are well over 100,000 merchants and vendors who accept bitcoin payments. And that number is growing every day. This calls for your finance department to consider getting on board or risk being left behind.

Edge Computing

Similarly, finance departments have been moving their systems to the cloud in droves. But even newer technologies are taking hold. The next up and coming trend is edge computing. Instead of holding the processing power on a cloud, edge computing processes data and services on the edge of a network, closer to the end source or user. Accelerated processing speed provides quicker insights into massive amounts of data. There are also security advantages. Arguably, edge computing will replace the cloud, so finance departments should be watching this trend.

Robots

Well, not the metallic kind. I'm talking about Robotic Process Automation (RPA). In the coming years, RPA will have the ability to manage forecasting, reconciliation, and data reporting – at a fraction of the time it would take humans to handle those same tasks. While humans spend hours creating formulas and spreadsheets, robots are crunching numbers and producing usable data at the speed of light. According to KPMG, RPA can cut financial costs by up to 75%.

 

Next Steps

Download our free eBook – Technologies that Midmarket Businesses Should Budget for in 2018  – to learn more about leading technology and strategies that will make 2018 your best year yet. We’ve evaluated what it takes to survive in the B2B world, regardless of company size or revenue. You’ll gain an understanding of the best implementation practices for your finance departments, as well as how to improve efficiency and visibility by merely trusting tech.

AvidXchange revolutionizes the way organizations pay their bills. Serving more than 5,700 clients throughout North America and 400,000 vendors nationwide, AvidXchange is the leading provider of cloud-based, purchase-to-pay solutions for enterprise and midmarket organizations.

CTA-PA-Team

 

Discuss this post

Recommended posts

You don’t see many full service gas stations these days. It used to be the standard: an attendant would fill up your tank, wipe down your windshield and maybe even check your oil and tires while you waited in the driver’s seat. This was essential to providing good customer service. Anything less would have been like a restaurant forgetting to bring out complimentary glasses of water.
Let’s Learn Live Sneak Peak We're fast approaching summer, which means our Let’s Learn Live: Virtual Summit is just around the corner! Our Microsoft Dynamics GP customers may be familiar with our previous on-site events in cities such as Minneapolis, Houston and Chicago, but on May 14 we're taking our coursework online with a series of half-day webinars. Here are five reasons to sign-up today.
Are you new to MRP in Dynamics GP or are you looking to improve how you use it in your business? If your answer is yes, then you are in the right place! I will be presenting on April 24 through GPUG, the Dynamics GP User Group, in one of their upcoming Academy Live classes.
right-arrow share search phone phone-filled menu filter envelope envelope-filled close checkmark caret-down arrow-up arrow-right arrow-left arrow-down