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White Paper: Overcoming Barriers To AP Automation: A Roadmap For Success
By Jonathan Casher, Senior Consultant, IOMA Advisory Services
In 1999, the head of a major electronic-invoicing task force predicted that 95 percent of the Fortune 500's U.S. paper invoices would be transformed into electronic invoices by 2002. Over 10 years later, that prediction has not been fulfilled.
Although there have been significant technological breakthroughs that can help accounts payable dramatically reduce costs and improve cycle times, most AP organizations have been slow to adopt them. Invoice automation is one example.
An annual survey of technology adoption in AP conducted by RECAP Inc. for 10 years from 1998 through 2007 found that adoption of technology takes significantly longer than it should. In follow-up discussions with selected survey participants, it was discovered that many firms repeatedly put off their key automation initiatives despite significant pressures to reduce costs and reduce AP cycle time, the time from receipt of an invoice to payment.
Take a critical look at your AP organization. Assess where you are and where you want to be in terms of AP automation. Find your current level of automation and understand the strengths and weaknesses of your current processes. Identify metrics to address key pressures and key challenges as well as metrics to measure the efficiency and effectiveness of your invoice processes.
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