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Invoicing and Workflow: Transforming Process Automation into Operational Cost Control
Aberdeen Group, April 2010
The accounts payable function is becoming increasingly strategic to the overall enterprise, but a lack of technological maturity and reliance on paper-based documents and manual processing methods is impeding its evolution. This study, conducted in March and April, provides an overview of the current state of accounts payable, and focuses on improving the approaches enterprises take when handling invoice receipt and approval workflow. This is the first major step in the A/P process, and can be crucial toward driving this function's strategic value across business cost containment efforts.
Best-in-Class Performance
Aberdeen used the following two key performance criteria to distinguish Best-in-Class companies:
- Cost to process a single invoice: $4.84
- Cycle time to process a single invoice: 3.7 days
Reasons to buy:
- Process Invoices Cheaper
- Cut Late Payments
- Improve Workflow
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