Overcoming the Obstacles to Automation

Wednesday, November 06, 2013

Despite years of talk about electronification, accounts payable (AP) remains paper-intensive. Nearly 77 percent of all incoming invoices are still paper-based, according to Aberdeen Group.

Complicating matters, nearly two-thirds (61 percent) of AP payments are made via paper check, reports the Institute of Financial Operations (IFO).

So why have so few organizations automated their payables processes?

According to a 2012 study by IFO, perceived systems cost and an inability to manage the transition to electronic processes are the top obstacles to transitioning to electronic payables processes.

That’s where Direct Insite comes in. We offer an end-to-end AP transformation platform that addresses the costs and capabilities of transitioning to electronic invoicing and payments. And by delivering these capabilities via the cloud, the solution from Direct Insite eliminates the upfront costs with traditional on-premise approaches.

Direct Insite’s electronic invoicing platform provides capabilities for:

  • Company profile management
  • Scan and capture
  • Electronic invoicing and workflow
  • Payments
  • Spend management and business intelligence
  • Dynamic discounting
  • Supply chain financing

Extending the benefits of invoice processing automation, we deliver proven supplier onboarding services that help ensure that success of an organization’s transition from paper to electronic processes.

Adopting an end-to-end approach to electronic payables and payments from Direct Insite provides organizations with an immediate and tangible return on investment:

  • Cost reduction
    • Fewer lost or missing invoices
    • Reduced exceptions and errors
    • Savings from process improvements
  • Working capital optimization
    • Improved on-time payment
    • Increased early payment discount capture
    • Enhanced cash flow forecasting abilities
  • Risk mitigation
    • Enhanced visibility and control
    • Minimized fraud and duplicate invoices
    • Streamlined compliance and auditing

On their own, automated invoice processing and electronic payments deliver significant benefits to AP organizations. But together, they deliver even greater results. Organizations that have automated AP end-to-end report invoice processing costs 21 percent lower than others, while also securing early payment discounts on more than twice the number of transactions, according to Aberdeen Group.

To learn how Direct Insite can help your organization, email sales@directinsite.com