Latest research: How businesses can streamline invoice processing
by Nick Sprau on July 27, 2010 2:07 PM - 0 comments
Recently, the Aberdeen Group conducted a survey of more than 150 enterprises serving a wide range of industries and developed a research report entitled, “Invoicing and Workflow: Transforming Process Automation into Operational Cost Control.” The report serves as an overview of the AP function’s current state, and offers strategies organizations can employ to improve invoice-processing efficiency and visibility.
We've always believed technology is a critical tool in delivering business value and confidence in decision making to the C-suite, but only in concert with an invoice-processing framework that is truly efficient. Among other findings, the research report indicates:
- The most common factors driving participants’ focus on AP improvement are a lack of visibility into invoices and AP documents (575) and corporate directives to lower overall costs (43%).
- Relative to invoice processing performance, the Best-in-Class maturity class (the top 20%) of respondents averaged a $4.84-per-invoice processing cost and a 3.7-day cycle time to process a single invoice, while the Laggard maturity class (the bottom 30%) averaged a $27.83-per-invoice processing cost and a 41.3-day cycle time to process a single invoice
To obtain a complimentary copy of the report, click here.
