This post provides a crisp overview of ECM for AP processes and offers some advice about your AP roadmap. I often use Accounts Payable (AP) processes as a measuring stick to see how ECM will fit an organization
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
At a recent IAPP chapter meeting , I listened to a colleague describe the challenges of accounts payable
Business Process Outsourcing has transformed how many organizations have leveraged economies of scale in second and third world countries to create cost savings opportunities for burdened processes
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. It is a document-driven process, whether the invoice comes by mail, by email or as a Web download. And in two-thirds of companies, it is mostly a manual process
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
If you were to do an audit of a given business process, you’d likely find that (in general) content pertaining to the execution of the business process comes into your organization in a variety of different ways. 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
The Square 9 AI-powered intelligent document processing platform takes the paper out of work and makes it easier to get things done with digital workflows that automate many aspects of how you work today. We make it easy by extracting information from scans or PDFs, storing documents in a searchable archive, and building digital twins of your current processes through graphical workflows
Here’s the reference model we use to explain how ECM works with ERP systems to improve Accounts Payable (AP) and other processes. The reference model here is specifically for AP but it can apply to many similar processes. It breaks the process down into 9 different activities, requiring different ECM capabilities