Paper, paper everywhere
all the desks did warp.
Paper, paper everywhere
enough to fill a thorp!
Despite the recent appearance on the market of some modern solutions that can revolutionize invoice management and automation at even the largest Fortune 500 and Global 3000 companies, the state of e-invoice and AP Automation today is dismal. The 2012 AP Automation Survey Report found that 9 in 10 organizations still deal with paper invoices and that 90% of invoices are paper-based in half of the organizations that responded!
Moreover, Aberdeen’s 2012 study of of 180 organizations, reported in AP Invoice Management in a Networked Economy, found that laggard organizations, which represent the bottom 30% of organizations, require an average of 16.3 days to process an invoice from receipt to approval. The good news: this is a significant improvement over their 2009 study on E-Payables: Invoice Receipt and Workflow that found laggard organizations required an average of 32.9 days to process an invoice. The bad news: it’s still a very large amount of time, especially if an organization wants the opportunity to take advantage of early payment or dynamic discounting.
As a result, the average organization spends somewhere between $30 and $40 just to process a single invoice! In other words, with the exception of best-in-class organizations that heavily employ modern invoice automation solutions and only spend an average of $3 to $4 to process a single invoice, invoices are out of control in 4 out of 5 organizations. But they don’t need to be!
To find out how you can get your invoices under control, join Sourcing Innovation and Nipendo next Tuesday, November 19, at 8 am PST / 11 am EST / 4 pm GMT for a live webinar on How to Make Invoice Automation Pay Off! In this webinar we will cover the challenges in the invoice process, how traditional e-Procurement technologies have let us down, what is required for true end-to-end invoice automation (and the 80% cost savings that can be obtained therefrom), how the Nipendo Supplier Cloud (which facilitates over 5 Billion in Procurement a year) fits the bill, and how it enables Israel Aerospace Industries (IAI) to reduce its paper-process by over 90% through the electronic receipt and processing of over 100,000 e-Documents from over 3,000 suppliers each year — which has already allowed IAI to reduce its operational overhead by over 50% in two years.
In addition, attendees will be the first to receive Sourcing Innovation’s new Illumination on An End-to-End Invoice Automation Framework — Benefits & Best Practices! So Sign Up today. Space is limited.