Invoice automation can quickly alleviate many of the the challenges inherent in an invoice management process, such as reducing operating costs, decreasing invoice exceptions and shortening processing time. However, the question still remains...what percentage of your invoice management process is really automated?
Is your Accounts Payable department maximizing these benefits? The following results from the PayStream Advisors Invoice and Workflow Automation report reveal that many automated AP processes are not fully maximizing their potential.
PayStream's survey results reveal that over one-third of companies report that less than 10 percent of their invoice process is automated, see Figure 3. Only 22 percent of companies report that over 75 percent of their invoice process is automated.
Figure 3 - Percentage of Automated Invoice Processes
As you can see, the vast majority of Accounts Payable is not fully automated. In today's technology driven world, you would think AP was closer to full automation.
So why not? The reality is that there is no magic button to transform AP to a 100% digital process overnight. As identified in our recent blog on workplace culture, it takes a lot more than a newfangled technology to transform your AP process. It takes engaged AP professionals focused on transforming your legacy accounts payable…after all, those are the people that have the know-how to get the work done!