5 Ways Microsoft Dynamics 365 Finance Accounts Payable Automation Drives Automotive Transformation

Posted on: August 28, 2023 | By: Fred Liu | Microsoft Dynamics AX/365, Microsoft Dynamics Manufacturing

In the automotive world, finance teams are racing to adapt. With market forces demanding high performance, these professionals aren’t just dealing with spreadsheets; they’re steering their companies through strategic decision-making, vendor relations, and navigating the road to digital change. Economic challenges are asking for more with fewer resources.

Beyond mere invoice handling, automotive industry leaders are relying on their finance teams to uncover insights, especially as the industry pivots towards electric vehicles and smarter technologies. They need tools to streamline routine tasks, supercharging innovation. Accounts payable (AP) automation refines the tedious job of invoice management and fosters stronger supplier connections.

5 Ways Accounts Payable Automation Helps

  1. Shift Focus to Strategy
    Finance teams will be able to put effort into more strategic projects and fulfilling work rather than being stuck with tedious tasks in the accounts payable process.
  2. Optimize Budgets and Cut Extra Costs
    Monitor payment patterns, assess supplier reliability, and streamline processing times. Automation will slash overhead costs and reduce the frequency of human inaccuracies.
  3. Brake for Potential Pitfalls
    Increase accuracy levels by minimizing the number of manual inputs. An automated approach not only prevents errors but also sets the stage for future compliance.
  4. Foster Supplier Synergy
    Strengthen ties with parts and tech suppliers by guaranteeing prompt, consistent remunerations. With time, use the stored AP data to drive fruitful negotiations, ensuring premium partnerships at optimized costs.
  5. Boost Financial Visibility
    Have more visibility on your cash flow, and allow people across your business to focus more on cost savings. Automation helps to support larger initiatives with more readily available data.

Is it Time to Shift Gears with AP Automation in Automotive?

You’re probably considering ways your finance team can integrate new technologies into traditional processes. Here’s when to consider making the switch:

  • Complex Workflows: Complicated processes can hinder time and resources, potentially affecting supply chains, leading to production halts, or jeopardizing long-standing vendor relationships.
  • Tech Shortfalls: With limited IT budgets and a growing emphasis on integrated systems, the lack of robust tools can stifle innovation, hampering the production of cutting-edge automotive tech.
  • Data Overdrive: Juggling manifold invoices, supplier histories, and production costs can become overwhelming. Manual management is not only tedious but also fraught with potential errors.
  • Empowering Personnel: As the talent hunt intensifies, it’s pivotal to keep teams engaged, shielding them from monotonous tasks. Their expertise is better utilized in shaping the future of automotive excellence.

Next Steps:

If you are interested in learning more about ways finance accounts payable automation drives digital transformation in Microsoft Dynamics 365 for Finance, contact us here to find out how we can help you grow your business. You can also email us at info@loganconsulting.com or call (312) 345-8817.

2020 Nucleus Research Report on ERP Technology

Free Download:

2020 Nucleus Research Report on ERP Technology

Download the guide ›