Corcentric, a provider of procurement and financial process automation solutions, has entered into a reseller agreement with Commerce Bank to present its Cor360 solution as a white-labelled platform to Commerce customers.
Commerce Bank will manage the sales, implementation, and ongoing account management and support of the AP workflow solution.
“This agreement brings best-in-class AP workflow solutions to Commerce Bank’s commercial customer base, enhancing our existing AP payment offerings,” said Roger Williams, director of Commercial Card at Commerce Bank.
The agreement is effective immediately and will introduce Corcentric’s solution in phases to Commerce customers as a white-labelled platform.
Transforming AP with technology
Earlier this summer, Corcentric sponsored a report from Ardent Partners that made the case that accounts payable (AP) leaders must leverage technology and the data it captures in order to transform themselves into intelligent operations.
The report, titled ‘The State of ePayables 2019: Driving Value in the Age of Intelligence’, predicts that a new type of intelligence will emerge from the increasing flow of data available to the AP function. The report refers to this as the dawning of the Age of Intelligence.
“Modern AP teams should prioritise data management with a focus on extracting intelligence to improve performance and make smarter decisions,” according to Ardent Partners.
“The ability to convert data into intelligence and the ability to leverage that intelligence into a true competitive advantage is what is going to define the future of AP and Source-to-Pay as a whole,” said Matt Clark, president and COO of Corcentric. “While it can sometimes seem daunting, we strongly recommend an evolution and not revolution approach where you can work with trusted advisors to make sure you have a roadmap in place that addresses the people, process, and technology plans to get from where you are today to where you need to be.”
According to the research, best-in-class enterprises are 92% more likely than all other enterprises to use e-invoicing as part of their overall AP program. As a result, they are avoiding manual tasks associated with paper invoices. These operations are actively buying into the Age of Intelligence.
AP leaders also provided the following insight when they were asked what critical capabilities their organisations will need to develop or possess in order to improve performance:
- 90% said customer service approaches.
- 77% said fraud and compliance skills.
- 74% said knowledge of the full P2P process.
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