Automation. Automation. Automation. That seems be the consensus when it comes to what’s on the top of A/P managers’ “to-do” lists.
According to a recent study by the Aberdeen Group, process automation is the top priority for 68% of A/P departments.
The study found that other top priorities were: cash flow and liquidity management; collaboration between procurement, A/P and treasury; and boosting payment performance.
Check out the chart below to see how high A/P departments ranked the priorities above.
For “E-Payables Benchmark 2009,” the complete Aberdeen study (free for a limited time), click here.
If you’re trying to figure out the current cost of what you want to automate — whether it’s invoices, payments, etc. — one simple equation can go a long way.
While the complexity of the calculation can vary greatly, this simple equation gives a pretty clear picture of your costs:
A/P salary (benefits included) ÷ the # of items processed = current cost