Automating the AP process delivers indisputable value in the form of reduced transaction costs, increased control over payment timing, and traceability through the AP process. Many studies have validated the value various technology solutions can bring to the AP process, but it is important to examine your practices to balance the right mix of automation technology. These same studies have shown that best-in-class organizations using moderate to high levels of AP automation have seen their invoice processing costs shrink by 83%.
Technology advancements have reduced the total cost of ownership, making these solutions accessible to a broader range of companies. It is now possible for organizations with only moderate quantities of invoices to have a compelling business case due to the elimination of traditional barriers to adoption such as expensive software license fees, the high cost of EDI transactions and integration challenges.
What can AP expect with these technology advances?
- Streamlined AP approval cycle will cut cost and accelerate issue resolution
- Optimize cash management to eliminate duplicate payments and take early payment discounts
- Cloud-based technologies are available and can help work around limited IT resources and budget constraints
- Mobile utilization keeps AP processing moving anywhere, anytime
There are many analyst studies that are avaialable that demonstrate these points. One in particular was by The Aberdeen Group titled "From the Shadows to the Forefront; AP Automation and the Strategic Vision".
For more information, visit our Accounts Payable page- http://dtiibs.com/document-management-applications/accounts-payable-ap-invoice-processing-automation/