ONTARIO, CANADA (November 27th, 2017) Artsyl Technologies, Inc., a leading global provider of digital transformation technology for intelligent data capture and document workflow processing, today announced its sponsorship of a new survey released by PayStream Advisors, focused on Invoice Workflow Automation best practices among North American enterprises. The report, sponsored by Artsyl Technologies, is based upon a survey of 400 back-office employees across multiple industries and market segments.
"PayStream Advisors continues to publish insights and opinions that reflect the goals, interests and challenges of companies seeking to transform their operations through digitization and automation," said Jeff Moore, Chief Sales Officer of Artsyl Technologies. "We are proud to continue to sponsor PayStreams research and analysis, in the interest of helping firms of all sizes to achieve greater process efficiency, control and excellence."
The State of AP in North America
The Paystream study examines the top pain points for North American organizations by size. Results show that a majority of companies (55%), regardless of size, expressed that manual data entry and inefficient processes were a common source of process pain. This was particularly true for large enterprises, 63% of which cited manual data entry as one of their top three pain points.
Small to medium-sized firms, in contrast, still struggle with paper invoices, compared to their larger counterparts. Sixty-two percent of small/medium enterprises indicated that a majority of invoices were received as paper, compared to an average of 40% for all firms.
Things to Consider When Automating AP
To help companies to identify the best solutions to overcome their AP process challenges, the PayStream report includes a detailed set of questions for AP teams to answer in order to help define KPIs for their current processes and establish measurable goals for process improvement.
Questions, along with detailed context, include:
How many invoices a year does the organization process?
How many of each type?
What are the percentages of invoice receipt types?
How many suppliers does the organization have?
How many official AP approvers are responsible for invoice review and approvals?
How many touches outside of AP are typically involved per invoice?
Additional questions and considerations for identifying an automated workflow solution and establishing key performance indicators included in the report are designed for companies of all sizes and industries to better define a solution and select a technology partner.