According to the Aberdeen Group, streamlined, best-in-class Accounts Payable operations will process an invoice, on average, in about one-sixth of the time, at about one-twelfth of the cost, of so-called “laggards” in a similar situation. These forward-thinking, best-in-class organizations are realizing the value that comes with automating processes as they are fully experiencing the benefits and functionality it brings to their organization, as AP departments can now allow staff to focus more on strategic activities.
One of the most significant drivers of automation in today’s business place is the fact that organizations are continually asked to “do more with less.” The economic whirlwind of the past few years has forced even the most-successful organizations in their field to revisit exactly how and where their money is spent. As a result, rather than adding headcount or additional infrastructure, more and more forward-thinking companies are curbing the negative effects of paper-centric processes by leveraging automation solutions.
Another contributing factor of automation is that AP departments are tired of juggling between multiple ERP and financial applications. This leads to delayed approvals and lends to lost or misfiled documents, while increasing the chance for late charges. This lack of a defined, streamlined business process compromises quality and increases business costs.
Listed below are a few major trends we can expect to see continue and grow in Accounts Payable into 2016:
With only 46% of AP departments having an actual workflow solution in place, the majority of AP departments are still manually processing paper-based invoices. To see first-hand how you can remove reliance on manual entry in your AP operation, schedule a private, web-based demonstration here.