Turning Accounts Payable into an All-Digital Process is available at no cost from IPS.
IPS, a provider of invoice automation and approval workflow services that break down the barrier between documents and data, has published a new white paper, Turning Accounts Payable into an All-Digital Process, which details how organizations can automate the labor-intensive, costly and error-prone process of managing accounts payable without the need for high-cost, high-risk information systems investment.
According to Turning Accounts Payable into an All-Digital Process, successful automation typically produces cost savings of 50%, reductions in turnaround time of 150% and a jump in data accuracy from an average of 80% to 99.997% (Six Sigma Quality).
“Big Tech” automation projects, from ERP to Knowledge Management, have a poor track record of success, and involve both high costs and high risks. The white paper argues for a different approach. “Instead of thinking big, think small. Instead of buying unfamiliar technology, rely on systems and tools that are already in place and that you already know how to use. Instead of investing in expensive new technology, take advantage of somebody else’s.”
The Transitioning white paper outlines the four key components of an automated AP process: a “digital mailroom” system for receipt of invoices, an intelligent data capture process, a digital workflow application, and a document repository platform. It describes the requirements for each component and, through real-world examples, explains how the workflow application applies carefully-crafted business rules to speed processing, reduce errors and provide end-to-end visibility of the process. Users need only to have access to email and a Web browser to benefit.
“This paper is the product of years of experience with accounts payable automation projects for major advertising agencies, pharma and financial firms as well as information technology companies,” said IPS CEO Greg Bartels. “There are major pitfalls to avoid and important winning strategies to adopt. We want decision-makers to know about them regardless of whether their companies do the work themselves or turn to a high-quality service provider.”