Automating AP Invoice Management – Benchmark Research Report
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Key Takeaways
⇨ Manual AP invoice management processes are inefficient, resulting in longer processing throughput times for incoming invoices.
⇨ 80% of respondent organizations reported average throughput time for incoming invoices exceeding 14 days or 2 weeks.
⇨ Top performing organizations are more likely to invest in AP process automation solutions relative to their peers by a significant margin.
Reducing operational costs and increasing productivity requires strategies for automating accounts payable (AP) invoice management, as manual or partially automated processes no longer provide efficiency. An expanding digital economy and increased competition require organizations to have efficient processes to support and maintain supplier relationships and keep pace with industry peers. With a hybrid workforce and increasing global e-invoicing requirements, organizations must ensure visibility into their AP invoices across multiple countries, currencies, and payment methods.
This report explores the need for SAPinsider organizations to consider automating AP processes to save time, reduce operational costs associated with manual labor, and minimize human errors that result from repetitive or complex tasks. Our findings show that most survey respondents (76%) do not digitize incoming paper invoices, while eight in ten (80%) survey respondents reported an average throughput time for incoming invoices exceeding 14 days. By utilizing strategies for automating AP invoice management, organizations can optimize their entire AP invoicing process, gain full compliance with global regulations, and improve cash flow.
From October to December of 2022, SAPinsider surveyed 188 finance community members to learn more about the strategic priorities of SAP organizations regarding their approach to automating AP processes.
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