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Over the last five years, cellular and mobile technology has come a long way. It’s proven to be a transformative evolution not only in the way we communicate, but also how we view the world, shop, are marketed to, and of course, how business is executed. Accounts payable industry solutions have seen a gradual, emerging trend incorporating mobile offerings as part of their larger AP solutions. Allow me to present data and details as to why those organizations committed to AP efficiencies and improved supplier relations should adopt this burgeoning technology as part of their AP invoice management programs.

Regardless of the arena, technology continuously evolves and advances to help people improve their lives. Mobile technology in the 21st century has proven to be a critical component to recent advances in technology. Consider the following detail as uncovered within The Federal Reserve, Board of Governors’ — 2015 Consumers and Mobile Financial Services survey, published in March 2015 which belies just how prevalent mobile usage has become:

  • 87% percent of the U.S. adult population has a mobile phone, consistent with 2013 data (from previous survey)
  • 39% percent of all mobile phone owners with a bank account have used mobile banking in the 12 months prior to the survey, up from 33% in 2013 and 29% in 2012
  • 52% of smartphone owners with a bank account have used mobile banking in the 12 months prior to the survey, up from 51% a year earlier.
  • 22% of all mobile phone owners reported having made a mobile payment in the 12 months prior to the survey

Beyond the obvious changes and influences this has had on social interactions, consumption and marketing, business operations have also benefited from the advances in mobile technology. The accounts payable industry is no different. While this technology’s adoption rates are still in an emerging trend status, there are clearly benefits to be achieved in implementing AP solutions with robust mobile offering.

For more information, read the full report.

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