Just in time for New Years resolutions and 2019 planning, Levvel Research has re-issued a recent report that benchmarks processes and highlights challenges North American companies face when trying to manage their accounts payable process.
The 2017 benchmark survey study focuses on accounts payable processes for North American companies of all sizes, identifying the top pain points for firms relying on manual processes, while demonstrating how AP automation can quickly deliver faster payment approval cycle times, greater employee productivity and greater process visibility.
Sponsored by Artsyl Technologies, the report includes a guide that companies can use to ask the right questions and establish KPIs that will define their current invoice management process performance while setting goals and ROI metrics for automation.
The Levvel Research data reveals that most North American companies (55%), regard manual data entry and inefficient processes as a common source of process pain. Among those companies surveyed, 63% of large enterprises cited manual data entry as one of their top three pain points.
Small to medium-sized firms indicated that dealing with paper invoices still represents a major hurdle. Sixty-two percent of small/medium enterprises indicated that most of their vendors submitted pape invoices, compared to an average of 40% for firms of all sizes.
As a study sponsor, Artsyl Technologies provided input on a set of detailed questions that AP teams can use to help define KPIs for their current processes and establish measurable goals for process improvement. Some of those questions included:
Beyond providing a list of questions to ask, the report includes additional context to help companies focus on the essentials and guide them towards establishing key performance indicators and reporting on results to make the business case for ongoing innovation.
Beyond helping to define criteria to make the business case for automation and establishing measures for success, the report includes guidelines for choosing the right technology partner and identifying the right systems and tools to ensure rapid deployment and speed to value.To download a copy of the report, click here.