We are back now to the wonderful world of invoice management and workflow...Without this established workflow , things don’t move as smoothly or as quickly. Ok, but will just any workflow do?
Chasing approval using pieces of paper is hard enough, she said, but multiple formats make the problem more challenging than ever...The data extracted from that invoice must be right, because it will drive the workflow, approval and payment process
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
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A lot of them have said that the workflow has gone from sometimes waiting days to retrieve records that were archived off site, to accessing the same files in two or three seconds — saving time, creating efficiency and improving customer service
Deploying a shared solution for the paperless capture of vendor data is one of FIT’s first priorities Today, Wide-Area Workflow the Department of Defense solution, is used by over 92,000 vendors submitting over 7 million invoices annually and saving taxpayers over $250,000 annually