In May, Paystream Advisors published a new report exploring the convergence between Invoice and Workflow Automation solutions and Electronic Invoicing, as more accounts payable departments migrate towards paperless processing. IPS was among the premier vendors chosen to outline their approaches to automated invoice processing and to provide a case study of automation in action – in our case, at the global media giant Viacom.
- Electronic invoicing and automated workflow are the top AP automation goals for 2013.
- Over one-third of survey respondents report that they have automated less than 10 percent of their process.
- The number one challenge in invoice management is the fact that the majority of invoices are received in paper format.
- Survey respondents report that the top barrier to imaging solutions is a lack of budget.
- Companies invest the most resources into implementing workflow technology.
- The number one benefit to the implementation of approval workflow is the quicker approval of invoices.
The IPS approach to AP automation leverages our clients’ existing technology to produce savings of 50% per year over manual processing, a 3x reduction in turnaround time and Six-Sigma data accuracy.
The PayStream report is based on the results of Electronic Invoice Benchmark, Invoice Workflow and Automation, and Shared Services surveys of over 500 account payable and procurement professionals at U.S. based enterprises. Paystream Advisors encourages AP professionals to explore electronic invoice and automated workflow solutions with the goal of reduced processing costs, increased visibility, increased on-time payments and capture of supplier discounts, improved vendor satisfaction, fewer duplicate invoices, and a reduction in exceptions and discrepancies.
Request a free copy of Invoice and Workflow Automation, a special report from PayStream Advisors. Or use the form to the right to contact IPS.