By 2016, financial service providers worldwide spending on payables automation systems will increase by more than US$220 million. Our estimates put the compound annual growth rate of payables automation systems spending at 6% annually from 2012 – 2016.
Research firms have been predicting rapid growth of payables automation for quite some time now, but the scale of the growth now seems to be hitting the mainstream accounts payable department. That’s good news for payables departments that are usually a bit more conservative than other groups. Although it’s still looked at as new technology, The payables department that is considering AP automation can feel a bit more comfortable that many of these solutions have been around for a long time now and have a good track record with reference-able clients.
Payables automation suppliers are becoming more popular and more competitive. Providers who once offered only a small portion of functionality have a more complete offering than before. All in all, it’s an exciting time to be implementing payables automation.