Latest research: Why businesses should prioritize AP automation
The Aberdeen Group recently published its latest report, "E-Payables 2010: The Strategic Value of Accounts Payable Automation," which demonstrates the need for accounts payable (AP) cost-cutting efficiency and visibility through AP automation. Having surveyed more than 310 companies, Aberdeen found that paper-based AP processes hampered AP's readiness to address the efficiency and visibility challenge. Some important findings include:
- Best-in-class companies achieved invoice processing costs 76 percent below their peers with invoice processing cycle times, on average, 82.5 percent faster.
- Of these top performers, 72 percent currently have an active AP improvement initiative in place, and 60 percent employ a standardized payment process throughout the organization.
What does this mean for companies of all sizes that are looking to improve their AP process? Organizations can champion cost-cutting efficiency and visibility through automation of non-value-added processes - including AP processes - to better support value-added strategic initiatives.
To obtain a complimentary copy of the report, click here.
