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
The goal was to let customers share their experiences on implementing electronic invoicing and payables automation...So any department that was not using the new electronic invoice/payables automation system was out of compliance
At a recent IAPP chapter meeting , I listened to a colleague describe the challenges of accounts payable
Almost every enterprise across multiple industries struggles with at least one paper-intensive, document process such as accounts payable, human resources, healthcare records, insurance claims, loan processing and others
Take accounts payable...Digitize those documents: run them through a scanner, perform optical character recognition on them, drop the information into your accounts payable system and – voila!
I often use Accounts Payable (AP) processes as a measuring stick to see how ECM will fit an organization
In particular, many document processes can be improved through a DPO approach and often include the following: - Accounts Payable Processing -Sales Order Processing -Insurance Claims Processing -Healthcare Chart Conversion Processing -EOB Processing -Mortgage Application Processing One of the fundamental differences for DPO vs
Review accounts payable workflow best practices to improve upon what you are currently doing
Let’s use a document-centric process that most people should be familiar with; accounts payable and, specifically, invoices. It’s not uncommon any given enterprise to have accounts payable-related transaction content coming into their enterprise in a variety of different forms
Here’s the reference model we use to explain how ECM works with ERP systems to improve Accounts Payable (AP) and other processes