IOFM: The Most Important Benchmarks for Becoming Best-in-Class Accounts Payable Organization

What the report covers:

Accounts payable departments today must strive towards best-in-class status or risk being left behind in today’s competitive global business environment. So what sets top-performing AP departments from the rest?

Best-in-class departments measure their performance by number of benchmarks. new Corcentric-sponsored, APP2P report, “The Four Most Important Benchmarks for Becoming Best-in-Class Accounts Payable Organization,” details these benchmarks and describes how your AP can move to the next level by automating processes:

What you will learn:

• Percentage of invoices processed straight-through 71 percent of best-in-class AP organizations can process invoices without human intervention. According to Ardent Partners, the cost to process an invoice is $3.34 vs. $16.67 for those falling behind
• Invoice approval cycle times? Best-in-class performers have much shorter approval times than their peers, 3.6 days vs. 16.6 days per Ardent Partners.
• Alignment between AP and procurement? Best-in-class performers eliminated the silos separating these two functions. Yet, IOFM research finds that only 35 percent of businesses report that their AP and procurement functions regularly collaborate.
• Percentage of early-payment discounts captured? Top performers capture 80 percent of these discounts but most companies capture less than 21 percent of all early-payment discount offers.

Download the report to discover how automating your AP processes will help you reach these benchmarks by reducing costs, increasing efficiency and providing full visibility.