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According to recent data from the Institute of Finance & Management (IOFM), the percentage of Accounts Payable (AP) teams with some level of process automation has significantly increased. In 2022, 86% of teams reported using automation, a substantial rise from the 45% reported in 2018.
Despite the decent level of automation, IOFM benchmark performance metrics paints a dismal picture-
- Straight-through processing (STP) rates are low across all organizations regardless of invoice volumes.
- Only 4% of PO-based invoices are paid 100% on time.
- Days payables outstanding (DPO) are less than 20 days for only 19% of respondent organizations.
- Only 5% of PO-to-invoice matches are 100% accurate on the first try.
- More than a third of respondent organizations have more than 1% of duplicate payments.
- About 25% of organizations have more than 10% of transactions requiring correction.
These metrics highlight the need for organizations to move beyond mere AP automation and focus on value generation. Given the current economic downturn, AP functions must prioritize cost efficiency, leverage artificial intelligence (AI) to modernize processes, and scale their operations with minimal investment.
We invite you to join our upcoming webinar on 14th Sept, 4PM CET | 10:00 AM ET I 7:00 AM PST I 9:00 AM CST I 8 :00AM MST where you will gain practical insights into forging a successful transformation path in AP this year through strategic investments in key automation technologies. As an accounts payable or finance leader, you will benefit from the following topics:
- Learn how AI is driving innovation and an emerging new state of the art in AP process automation.
- Determine cost savings/avoidance and other performance improvement potential and how to build a solid business case for investing in AI-led AP automation.
- Obtain insights into what corporate/internal factors might influence AP automation solution choices.
- Learn about how AP automation technology works with the ERP platform(s) you have already invested in to further streamline financial processes
- The latest innovations in Zycus’ AP automation solution with case studies
Don’t miss this opportunity to gain valuable insights and practical strategies to elevate your AP function in today’s rapidly evolving business landscape.