We all know that AP departments buried in paper would like to buy a vowel so they can spell “AAAAAAAAAA” to really capture that inefficient feeling.
say eliminating paper is their top AP priority for the year ahead.
But how do they get there?
AUTOMATION IS A WINNER
Forget feuds. In the AP family, there’s widespread agreement that that payers need to automate more of their processes.
Other popular answers include increasing efficiency and eliminating paper (47%), implementing true, full AP automation (40%) and reducing costs (30%).
CHANGE HAS BEEN HARD
Okay, partner, the clue is “what is the biggest challenge for AP departments when it comes to adopting AP automation?” Here are the key phrases that should help you guess the answer to this one.
Partners...Acceptance...Difficulty...Electronic Payments.
71% of companies do have trouble onboarding and managing vendor payments and bank account details, the top concern among those AP professionals surveyed.
That’s hardly the only challenge, though. 52% say difficult-to-change invoice and payment approval processes slow down everything, 42% say getting approvals for early payment discounts , and 31% say legacy payment processes cause massive headaches.
IMPROVEMENTS AREN'T IN JEOPARDY
Fortunately, despite the many challenges associated with automation, it’s still a winner for AP departments.
Beep-beep-boop.
We hope you wrote down 50-85%, because that’s the average cost savings for automating payments.
The average savings for invoice automation can be up to 75%, too, so automating the full invoice-to-payment process can really put you in the win column.
Eager to open door #1 and find more prizes in the race for AP automation?
View this business guide for AP transformation and find out how you make your organization an even bigger winner.
It’s not just that consumers are winning all the prizes when it comes to electronic payments. It’s that most businesses aren’t even playing the same game.
Why is it that organizations aren’t coming on down? Why aren’t paper processes in jeopardy? When is the price right for such a change?
Take a spin on the wheel and see if you know the state of business payments and invoicing by the numbers.
INVOICING & PAYMENTS TODAY:
PAPER IS MISFORTUNE
WITH OBSTACLES IN THE WAY
47%
Improving AP reporting and analytics is the top priority for surveyed AP departments, with 48% saying it’s their #1 reason to automate.
It’s not just that consumers are winning all the prizes when it comes to electronic payments. It’s that most businesses aren’t even playing the same game.