Despite the fact that we’re firmly in the digital age, many enterprise companies are still struggling with to get the advantages of a digital environment. According to content management experts OpenText, 80% of all B2B communications are still paper based.
Moving Towards Digital Solutions
This means eight out of ten documents still require recipients to manually classify the content and intent, capture data, and initiate a business process. Each of these manual efforts are time-consuming, prone to errors and inefficiencies, and lead to process delays and lost revenue.
The good news is OpenText has released several important updates to their invoice management and document capture solutions that are expected to allow more documents to be processed quickly with minimal staff involvement.
ROI Gained Through Efficiency
With the increased efficiency of automating invoice processing, a large organization has the potential of saving millions of dollars in staff costs and increasing total document handling capacity far beyond current levels. Both short- and long-term ROI can be measured by tangible KPIs including:
- Reduction in the number of accounts payable FTE’s
- Increase in staff focused on value-adding tasks instead of manual input
- Increase in Invoice Number and Capacity per FTE
- Reduction in Days Payable Outstanding (DPO)
- Reduction in AP Invoice Cycle Time - Receipt to Payment
- Increase in Percent of Invoices Paid On-time
- Increase in Touchless Percentage
- Increase in Early Payment Discount Capture Percent
Each of these results translates directly to budget savings in the department and can improve both vendor and partner relationships. For more information, review VIM Beyond Finance Transforms Incoming Remittance Advices Process or download “The Benefits of VIM Beyond Finance” to learn more about the cost savings and strategic business support you can achieve, and let us know if you would like to update and optimize your existing environment.