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According to the Institute of Finance and Management (IoFM), accounts payable (AP) functions in over 85% of enterprises have some level of automation. However, the AP performance metrics indicate a dismal picture:
- Days payables outstanding (DPO) is less than 20 days for only 19% of organizations.
- Only 5% of PO-to-invoice matches are accurate on the first try.
- 33% of organizations have more than 1% of duplicate payments.
Given the volume, variety and complexity of modern AP requirements, it is essential for Finance and AP leaders to develop and execute a holistic plan for AP transformation. AI-led AP automation is for augmenting humans and enabling organizations to “do more, with less”, especially relevant for the scenario of an economic downturn. Legacy OCR, intelligent OCR, and IDP solutions are not tailor-made for AP processes and fail to scale as per business requirements.
Listen to this US-centric webinar to gain practical insights into the key value drivers for AP transformation.
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