A Checklist for Developing a Future-Proof AP Organization
Have you fully optimized your Accounts Payable process?
Canon Business Process Services is pleased to provide you with important research on how high-level Accounts Payable automation can save 43% on invoice processing costs. Learn how top-performing organizations tend to take a multi-faceted approach that includes centralizing invoice receipt, digitizing all information, optimizing internal resources and carefully balancing processes that are performed and managed in-house with those that are outsourced.
Transforming the accounts payable process delivers indisputable value in the form of reduced transaction costs, traceability and increased control over payment timing. Data from The Hackett Group’s most recent Purchase-to-Pay Performance Study shows that organizations with high levels of AP automation save 43% on invoice processing costs and use one-third as many internal employees. However, top-performing organizations don’t focus solely on process automation. Rather, they take a multifaceted approach – one that includes supplier visibility, self-service, centralized invoice receipt, digitized information, optimized internal resources, and a carefully balance between processes managed in-house and those that are outsourced.
Evaluating the Case for Accounts Payable Improvement
When evaluating the case for accounts payable improvement, companies should assess the potential value beyond basic productivity and cost savings. Top-performing AP organizations focus on effectiveness objectives such as increasing stakeholder satisfaction, supporting sourcing savings, improving agility and better managing working capital.
Top Objectives of Purchase-to-Pay Organizations in 2017
By Patrick Connaughton and Amy Fong of The Hackett Group
Published in Purchase-to-Pay Process Perspective, Management Issue
Available for download with permission.