Many companies seeking to improve payment processing, take advantage of vendor discounts, and provide greater financial reporting visibility and control are rapidly embracing AP automation. Successful accounts payable automation can result in significant gains for the organization. A 2011 study by Aberdeen Group found that best-in-class performers achieved an average processing cost of just $3.09 per invoice, compared to Average and Laggard performance of $15.61 and $38.77 per invoice, respectively.
As a leader in accounts payable automation for more than 18 years, DataServ has successfully helped clients reap the benefits of AP automation quickly and inexpensively. Several companies have become DataServ clients after having failed at previous automation attempts. Based on their experience, as well as DataServ’s, we’ve developed the top reasons accounts payable automation fails:
- Automating a poorly designed business process Not following best practices
Spending time and money automating a poorly defined process will not give you the results you want. Don’t miss the opportunity to use this project to install “best practices” tailored for your unique situation.
- Lack of effective change management (with employees and vendors)
Successful change management requires: good communications, effective training and support, a well-conceived and executed plan, a leader, and an automation provider that views their job as making the technology work for you, both at launch and as your business grows.
For the complete list of the top reasons AP projects derail, click here to download the full report.