Finance and Accounting
The differences between APOC and on-premise software
The biggest problem with enterprises continuing with their legacy on-premise accounts payable (AP) software is that there is no flexibility during critical and high-demand phases of business. For instance, if a remote worker needs immediate access to your database or records, there is no way of doing so instantly with an on-premise system.
Given the recent developments and unprecedented, unforeseen disruptions in the corporate world, it has become more important than ever to invest in intelligent solutions that deliver flexibility, scalability, and performance while ensuring optimised costs.
Cloud solutions are built to be flexible and scalable, ensuring greater productivity and convenience for you in the AP process even if you have a dispersed or a decentralised workforce.
On that note, here’s looking at why accounts payable-on-cloud (APOC) platforms are a better bet for your business compared with your existing on-premise software.
APOC versus on-premise software
Switching to a newly emerging technology can be a scary prospect for businesses. However, cloud technology is no longer new or emerging. It has already made its presence felt across the board, and it is time you moved your AP department to a cloud-based model. Contrary to popular belief, the APOC model is not restricted to conglomerates. Even small- and mid-sized businesses are turning towards cloud-based AP automation because of the endless benefits it offers.*
While your legacy systems may have served you well in the past, APOC is the present and the future. Here are some indisputable reasons why APOC is a better alternative to on-premise AP software for forward-looking enterprises:
- Human resources
- Remote ops
- Data backup
Unlike legacy systems, a cloud-based AP platform is more affordable in terms of upfront costs, implementation, IT resources, usage structure, subscription model, labour costs, and running costs. Cloud-based systems operate on a pay-as-you-go structure, which makes them flexible and a popular choice. About 94% of businesses use cloud-based systems in at least a few areas of their operations.
Cloud systems are scalable, which means you can expand or contract the model depending on your volatile usage needs and periods of fluctuating demand. This kind of flexibility is essential for mid-sized businesses that experience seasonal fluctuations and changing volumes.
Traditional AP processes revolve around human intervention at almost every step. APOC eliminates the need for your staff to take care of mundane, non-essential, or repetitive tasks. Not just accounts personnel but IT professionals too will have fewer systems to handle and can instead focus on the maintenance of other in-house systems.
Since the entire AP process is on the cloud, remote working becomes a cakewalk because of unprecedented accessibility, visibility, and instant collaboration. On-premise solutions make it difficult to achieve seamlessness in these aspects, especially when teams and individuals work from different places.
Financial data, as we all know, is valuable, sensitive, and critical to any enterprise’s AP function. Since backups are performed manually in a legacy setup, data can be easily lost. APOC accelerates and automates the process and ensures advanced data security and compliance.
How Infosys BPM can help with an APOC platform?
Reduce costs, improve efficiency, ensure on-time payments, and eliminate any risk of payment errors with the Infosys BPM Accounts Payable-on-Cloud (APOC) platform. Along with Infosys Live Enterprise, a framework designed to enable you to become a sentient and digital-ready organisation, our future-proof APOC offering is delivered on a BPaaS model. Built using the best-in-class technologies available in the market and our deep domain expertise, our platform ensures end-to-end accounts payable automation and unmatched self-service capabilities.
*For organisations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organisational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organisations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organisations that are innovating collaboratively for the future.