With cost containment and cash management still at the top of the executive agenda, accounts payable (A/P) professionals find themselves more closely aligned with senior leadership than at any time in recent memory, according to a new study by Aberdeen Group, called ‘E-Payables Benchmark 2009: Accounts Payable Rising’.
“The paper-laden accounts payable function sits in stark contrast to today’s business environment that is relentless in its pursuit of process efficiencies and cost reductions. A/P needs an exit strategy from its paper ‘quagmire’,” said Andrew Bartolini, vice president of global supply management research, Aberdeen Group. “Our research indicates that the broad-reaching transformation of accounts payable departments that lost momentum will regain course and continue to rise in 2010.”
Aberdeen’s e-payables-focused report examined the top priorities, business pressures, and intentions of more than 150 executives seeking to improve accounts payable performance. The report also highlights the strategies employed by leading enterprises to drive the following performance levels:
- Invoice processing costs are, on average, 83% below their peers.
- Invoice processing cycle times are, on average, 83% faster than their peers.
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