As a follow up to my previous post, Aberdeen just released a study titled, “AP Invoice Management in a Networked Economy”. It’s a great study to use as a benchmark in your organization and should give you an idea if your accounts payable automation is truly automation.
Scott Pezza and William Jan, the authors, describe Best-In-Class performance with three metrics:
4.1 days to process an invoice from receipt to approval
$3.34 average cost to process an invoice from receipt to approval
90% capture rate for available early-payment discounts
They attribute automation as one of the key factors in all three metrics. Metrics for iPayables customers look a little better than these, but if you’re in the general area of these numbers you’re doing pretty good. Check out the paper at http://www.aberdeen.com/link/sponsor.asp?spid=30411008&cid=7498
About Ken Virgin
Ken has been the CEO for iPayables for over 12 years. Previously, he served as CEO of an ERP business consulting firm and worked for Accenture in ERP Implementations. Experienced in business process redesign, Ken has been quoted in a number of books and articles and has spoken at numerous events related to Payables Automation and Electronic Invoicing. He received his MBA from the University of California, Irvine.
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