A recent survey conducted by the Institute of Financial Operations validates and quantifies the trends that we have witnessed first-hand at Artsyl Technologies, working with companies focused on automating and streamlining their AP processes. As the IFO’s survey results suggest, even as paper invoices are being reduced (down from half of all invoices to a projection of 30% in 2017), AP processes are growing more complex—and that trend is projected to continue even as paper declines.
The reason for the increased complexity is that while paper processing is going down, a more diverse set of invoice formats creates its own challenges. In fact, according to the survey, receiving invoices from multiple channels are the biggest contributors to AP processing complexity.
How are organizations dealing with the fact that invoices come to them from all directions, in an increasing-variety of communications and formats?
Multi-Channel Invoices: Transforming a Problem into an Opportunity
According to the IFO, document imaging and electronic payments are the top improvement strategies used by survey respondents. No surprise there, either. In fact, our clients come to Artsyl to help transform ALL of their AP- or other process-related documents into structured data that can inform a rules-driven process and also provide real time visibility to key performance indicators for ongoing process improvement.
Faster AP Processing = More Timely Data and Better KPIs
Speaking of which… the demand for real-time visibility (analytics) into the AP department’s financial information has increased over the past two years for most IFO survey respondents. And that makes sense, too. Relying on smart process platforms that can intelligently capture data from documents delivers instant efficiency gains and a quick return on investment. But the REAL strategic value that document imaging and digital processes delivers is great process control and visibility.
Smarter, Faster, Cheaper: For AP Automation, Three is a Charm
If you’re focused on benchmarking your own AP processes and want to learn how to measure your current performance and set goals for process improvement, here are some additional relevant findings from IFO and their community of AP professionals: