Aberdeen Group Finds Best-In-Class Companies Clear Payments 80% Faster Than All Others
ReadSoft sponsors Aberdeen Group research report, "The Order-to-Cash Cycle: Enhancing Performance with Process Automation" which examines how organizations can efficiently convert accounts receivable to cash, while minimizing bad debt expense.
Author Scott Pezza, Senior Research Associate in the Financial Management & GRC practice, specifically profiles strategies for credit, collections, dispute resolution and cash application, that reveal the best practices employed by top-performing organizations to effectively manage their order-to-cash cycles. Based on the responses of 140 professionals gathered in May and June of 2011, the report reveals compelling results achieved by companies that have laid the foundation for well-designed processes and ultimately reduced manual constraints by automating major steps in their order-to-cash processes.
The study finds best-in-class organizations manually process 70% less invoices than all others, with 36% fewer invoices subject to disputes or deductions. Ultimately processing 36% more invoices per FTE than other companies, these organizations utilize order-to-cash process automation to effectively manage their asset to cash conversion performance and positively impact their bottom lines.
"When the goal is efficiency, a good deal of progress can be made simply by removing unnecessary duplication of effort," said Scott Pezza. "In this context, that means connecting up multiple solutions to feed data through the cycle without requiring manual re-keying. Surveyed respondents who have already integrated are able to process 41% more invoices per FTE than those who have not (660 per month vs. 467)."
"In today's business environment, COOs and Sales Management do not have to sacrifice business volume growth to maintain high customer service levels," said Bob Fresneda, ReadSoft North America President. "Together with ReadSoft, companies are automatically capturing order data with certified integration to SAP using easily implemented workflows around the business process when needed. This results in enhanced control and transparency over the sales order process and decreased errors and cycle times that yield processing growth and improved customer service levels."
To access a complimentary copy of this report, which is made available in part by ReadSoft, visit: http://v1.aberdeen.com/includes/asp/sponsored_registration.asp?ci=/launch/report/benchmark/7019-RA-order-cash-application.asp&spid=30411139&camp.
About ReadSoft:
ReadSoft is the global leader in the development and sales of a complete product platform for Document Process Automation. With thousands of customers on a global basis, ReadSoft supports customers and partners in North America with offices in 7 locations, including the corporate headquarters in New Orleans, LA.
Established in 1991, ReadSoft was first to bring free form technology for invoice processing to market and first to achieve certifications to enterprise resource planning systems such as SAP and Oracle. ReadSoft has become the global technology leader, with operations in 16 countries and partners in an additional 70. We are proud to have the largest and most innovative development department in the industry, with professional services to assist customers and partners on a global basis. ReadSoft's vision is to free businesses everywhere from manual document handling. For more information, visit www.readsoft.com.
SOURCE: ReadSoft