February 4, 2008 – According to a recent report published by the Aberdeen Group, due to advances in Account Payable technology solutions, the A/P function has been able to provide significant savings and operational efficiencies that deliver enterprise-wide value. The benefits of automation have helped elevate the profile of Accounts Payable, particularly within Best-in-Class organizations.
The study, “Accounts Payable Transformation: Better, Faster, Cheaper,” by Andy Bartolini, VP, Global Supply Management, Aberdeen, leverages insights from Accounts Payable and Procurement professionals from over 150 enterprises and provides details on how automation has played a critical role in driving organizational change.
“Accounts Payable is often overlooked as a tactical, back-office function," said Bill Browning, Research Analyst, Aberdeen. "However, more companies are realizing the significant savings and operational efficiencies that can be delivered from A/P through automation and outsourcing services."
Best-in-Class enterprises are excelling in many performance metrics, such as:
- Invoice processing costs 88% lower than all others
- Invoice processing cycle times that are 52% faster than their peers
- 66% higher rates of on-time payments
The “Accounts Payable Transformation” benchmark report recommends that enterprises begin by evaluating their current processes and technology capabilities to establish a baseline and then focus on creating executive support for automation initiatives. “PNet customers are laying the groundwork necessary to help A/P continue to grow as a more strategic function. Automation allows them to put business processes in place to take advantage of early payment discounts, reduce head count, and minimize costly duplicate payments,” stated Tim McEneny, President and CEO of PurchasingNet, Inc.
Please click here to obtain a complimentary copy of the “Accounts Payable Transformation: Better, Faster, Cheaper,” report. |
PurchasingNet, Inc. (www.PurchasingNet.com) is a leading provider of
Web-based eProcurement and ePayables software to mid- and large-sized
companies. The company has over 1,400 customers in Financial Services,
Retail/Consumer Products, Professional Services, Media/Publishing,
and a variety of other industries.
Founded in 1983, PurchasingNet has focused exclusively
on the development and implementation of Procurement and Payables
applications since inception. In addition to building an extensive,
blue-chip client base, PurchasingNet possesses deep domain expertise
in Purchasing and Payables business processes. The average length
of service at PurchasingNet is 8 years per employee.
PurchasingNet's customers include US Bank, Navy Federal Credit Union, American Financial Group, Liz Claiborne, HBO, EarthLink, XM Satellite Radio, Black & Decker, Kroger, and General Mills. |
