Infograph Are You Halfway to Modern AP?
A new report from PayStream Advisors reveals a big surprise: despite the steadily increasing use of electronic formats for invoice management, many companies have not truly automated their AP Automated Workflows Lead the Way Full workflow automation is ushering in a new era of working capital management which give AP departments more visibility and control. process from receipt to payment. Even though 33% Are you only of companies believe their “current processes work” Which of the following technologies are you planning to implement within the next 6 months? HALFWAY almost half of them to modern AP? 47% Front-end imaging 22% OCR / Automated data capture 28% Automated workflow 35% don’t even know their cost to process an invoice. 13% 7% Some of the most critical automation technologies are among the least used: Front-end imaging Without invoice & workflow automation, approvals take longer and money gets left on the table. OCR/Automated data capture Automated workflow 91% 55% 31% OCR / Automated data capture Don’t let your AP process be halfway to modern. Master the two critical stages of invoice workflow: Yields up to a 83% Front-end imaging Purchasing cards Electronic Invoice Receipt & Capture Which of the following technologies does your organisation currently use? 59% Electronic payments Automated workflow Electronic payments Purchasing cards 10 day reduction in the receipt-to-pay cycle when paper mail is eliminated and data is captured on the front end. Matching and Workflow 91% % 91% 91% % 91 83% 91% 83 83% 91% 83% 83% 91% 83% 83% Sorting and routing based on pre-defined business rules Mobile and electronic approval functionality More than 70% Automatic notifications and alerts of companies say they can’t consistently capture payment discounts because of manual routing and lengthy approval times. What problems most often lead to late payments and missed discounts at your organisation? Real-time electronic tracking of invoice status 68% 58% 29% 24% 18% Decentralized invoice receipt Lost invoices Lengthy approval cycles 18% Large Missing number of information exceptions on invoices Manual routing of invoices Read the full report from PayStream Advisors: “2014 Invoice & Workflow Automation Report” or click here to learn more about Concur Invoice.
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