Reaping all the rewards that AP automation software can bring, requires a compelling business case that secures buy-in from stakeholders. You may need representation from the Head of Finance, Head of IT, procurement leaders, and more, ensuring all key stakeholders are onboard from the start. 

In this blog, we’ll guide you through key strategies and approaches for gaining buy-in from stakeholders, an integral part of successfully implementing finance automation.

1. Set finance automation objectives

Defining what you hope to achieve with the AP automation software is the first step toward creating a compelling business case. Consider setting objectives such as consolidating systems, integrating with your Enterprise Resource Planning (ERP), and automating manual tasks like data entry and invoice coding. Outline what business objectives you want to achieve, and highlight the positive impact the software will have. 

Make sure stakeholders understand the reason for the software, accept the need for it, and understand how it will benefit their specific function. To do this, it’s important to reiterate the advantages, such as: 

• Providing full cash flow visibility and robust reporting, for no nasty surprises
• Freeing up capacity for strategic tasks
• Improving supplier relationships
• Reducing the risk of fraud by having one secure, central system, limiting potentially vulnerable entry points for hackers
• Maximising early payment discounts
• Improving team productivity and satisfaction, by reducing dull manual data entry tasks, freeing up your trained employees for more in-depth tasks
• Ensuring the approval process is timely and managed accurately
  

2. Anticipate concerns and address them

Before presenting your business case, it’s a good idea to consider the potential motivations, concerns and wider goals company stakeholders may have. 

For instance, an IT Leader may be concerned with the security of the new AP automation software, as well as the resources needed to implement and integrate it. Understanding these concerns allows you to present a case for the ease of set-up. A trusted provider like Xenith can support this process, along with integrating the software with your ERP and setting up two-step verification. Furthermore, by implementing a finance automation system that puts everything in one place, organisations can make their processes more secure. 

To get the Finance Leader onboard, highlight the benefits of clear reporting dashboards within the software, which provide dynamic statuses on payables and receivables. And to get the buy-in of Line of Business Leaders, emphasise how finance automation ensures the smooth running of supplier relationships through timely, reliable payments.

The company CEO is another key stakeholder who will be influential in supporting your business case. Their focus and goals will likely be tied to the wider business strategy and ensuring scalable growth. Finance automation, such as AP and AR automation, can support these goals by removing manual data entry tasks and replacing them with business intelligence initiatives. The CEO will be concerned with the return on investment (ROI) of new projects and systems, which a successful business case can support. 

3. Present key statistics 

Offering industry statistics that show the success of finance automation helps to build a compelling case. By highlighting how finance automation can improve employee productivity by 5x and reduce costs, and providing case studies, stakeholders will feel inspired and onboard with the project.

Discover our guide to finance automation implementation 

Ready to implement finance automation in your organisation? Getting stakeholder buy-in is just one piece of the puzzle. Download our eBook to discover a step-by-step guide to implementing finance automation software, ensuring your project is a seamless success.