Modernising AP and Procurement: Truist’s Hillary Stanfield

Accounts payable and procurement were once viewed as isolated, transactional functions, with one tasked with sourcing goods and the other with processing invoices.

Standing at the intersection of financial technology and operational strategy, Hillary Stanfield, Senior Vice President and Middle Market Technology Banker at Truist, brings a front-row perspective on how digital transformation is redefining modern back-office functions into an interconnected, strategic power centre.

Advising growth-stage and mid-market technology leaders across fintech, SaaS, and payments, Stanfield specialises in working capital optimisation, corporate capital solutions and automation.

Working daily alongside corporate finance and treasury executives, her deep market expertise highlights how modernising these departments drives organisation-wide efficiency, controls corporate spend and strengthens supplier relationships.

In this Q&A, Hillary cuts through the hype surrounding emerging AI innovations to share practical implementation strategies and expose common traps businesses must avoid.

How would you describe the current relationship between Accounts Payable and Procurement?

The relationship between accounts payable and procurement has become significantly more strategic over the past several years. Historically, procurement focused on sourcing and supplier negotiations while accounts payable (AP) was responsible for processing invoices and making payments.

Today, I see firsthand how the two functions are increasingly interconnected because both teams are responsible for driving efficiency, managing supplier relationships, controlling spend and improving working capital.

What is the single biggest misconception people outside of procurement have about AP?

From my perspective, the single largest misconception is that AP is simply an administrative back office function focused on processing invoices. In reality, AP sits at the intersection of cash flow management, supplier relationships, fraud prevention, compliance and financial operations.

AP teams directly influence supplier satisfaction, payment terms, working capital and risk management. The AP function has evolved from a transactional function into more of a strategic source of operational intelligence.

When you look at the sheer volume of software vendors in the market right now, do you think we are in a golden age of technology, or is there major 'tech fatigue' setting in?

Both are true simultaneously. We are absolutely in a golden age of innovation where the pace of development in automation, AI, workflow and analytics is unlike anything we have seen in history. At the same time, there is undeniable technology fatigue.

Finance leaders are overwhelmed by the number of vendors claiming to solve similar problems, and even the sheer thought of adding another platform creates integration and governance challenges.

In your experience, what is the number one reason a highly anticipated AP or procurement software implementation fails?

The primary reason implementations fail is not because of technology itself – it's due to change management. Organisations often focus heavily on selecting the software and underestimate the importance of process redesign, stakeholder alignment, training and adoption.

A platform can have top-tier functionality, but if users continue operating with legacy habits, the benefits never actually materialise. I have frequently had these discussions with my clients in instances where they are implementing new ERP systems.

Where do you draw the line between genuine AI innovation in AP and pure marketing hype? What is actually working right now?

The distinction here is simple: real AI produces measurable business outcomes. Today, AI is delivering tangible value in areas such as invoice capture, exception handling, fraud detection, supplier onboarding and payment forecasting.

These are practical applications that reduce manual effort, improve accuracy and accelerate decision-making. The hype emerges when vendors position AI as a complete replacement for human judgment or cognitive capacity.

As automation takes over manual data entry, what does the AP team of tomorrow look like? What skills will be required of people in these roles?

As routine processes become automated, AP teams will evolve into operational analysts, exception managers, and risk specialists. The focus will shift from transaction processing to oversight, optimisation and strategic decision support.

Management teams should focus on "upskilling" and ensuring leaders can translate data into actionable insights

How can a modern, efficient AP process actually be used as a tool to build stronger, more resilient relationships with key suppliers?

A modern AP process creates transparency, consistency, and trust. When suppliers can reliably forecast cash flow and spend less time chasing payments, it allows business relationships to become stronger.

Organisations that can consistently pay on time and communicate effectively gain advantages during supply disruptions, contract negotiations and periods of economic uncertainty. In many cases, AP efficiency becomes a competitive advantage.

What is one piece of advice you would give to a mid-market CFO who is still hesitant to invest in AP automation?

I would advise against evaluating AP automation solely as a cost-saving initiative. The strongest business case comes from risk reduction, scalability, visibility, supplier satisfaction and improved productivity.

My advice is to start with a specific pain point, establish measurable KPIs, and pursue a phased implementation approach. The question is increasingly not whether organisations should automate, but how long they can afford to delay modernisation.

In five years, will the manual processing of a paper or PDF invoice be completely extinct?

This is equivalent to asking about the obsolescence of paper checks and paper money. In my opinion, paper or PDF invoices will not become completely extinct, but they will become increasingly rare.

Many organisations operate within complex supplier ecosystems that include smaller vendors, international suppliers, and industries where paper-based processes remain common.

Because of this, paper and PDF invoices will not disappear overnight. However, the trend is moving toward digital data exchanges, e-invoicing and API integrations.