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IOMA Survey Reveals the Effect of Automation on AP Operations

The reason that automation is the hottest topic in AP today is because of its power to cut costs, improve productivity, and reduce error rates. In IOMA’s recent survey of over 450 AP departments, they asked AP pros to calculate some key metrics and examined them in terms of their departments’ level of automation. Overall, the metrics were materially improved for departments with a "high" level of automation. By this, we mean a great deal of paperless processing through the use of invoice scanning or imaging, data extraction, electronic invoicing, automated workflow, electronic payments, and so on.

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The reason that automation is the hottest topic in AP today is because of its power to cut costs, improve productivity, and reduce error rates. In IOMA’s recent survey of over 450 AP departments, they asked AP pros to calculate some key metrics and examined them in terms of their departments’ level of automation. Overall, the metrics were materially improved for departments with a "high" level of automation. By this, we mean a great deal of paperless processing through the use of invoice scanning or imaging, data extraction, electronic invoicing, automated workflow, electronic payments, and so on.

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