“Doing more with less” has become the mantra of the day. In the current recessionary economic environment, organizations are constantly being challenged get more done with fewer resources. Accounts Payable (AP) is no exception.
AP departments now have to process more invoices and pay them faster, all with a smaller staff. And the biggest stumbling block to accomplishing this has been our continued reliance on paper-based invoices and people-based processes. We have put men on the moon and we might even colonize Mars some day, but removing paper from the finance department appears to be out of reach in the near future. Until corporate America goes completely paperless, we need a better way to manage the tons of paper that we receive every day.
Download White Paper Here
Imaging & Workflow Automation
A significant shift is beginning to shake traditional AP operations, starting with the search for automation options that help them address the hassles inherent to people and paper-based activities. Our research indicates that Imaging & Workflow Automation (IWA) solutions that streamline the invoice receipt-to-pay cycle have matured and become mainstream technology. While the adoption of IWA solutions had been limited to Fortune 1000 companies until recently, we are seeing this trend trickling down to small- and medium-sized businesses owing to the following reasons:
- The evolution of hosted and Software-as-a-Service (SaaS) models has significantly lowered the upfront cost of implementing AP automation solutions and reduced the hassle of maintaining them;
- The convergence of electronic invoicing and front-end invoice imaging presents organizations with a single, comprehensive solution that can manage both paper and electronic invoices through a common process; and
- Value-added services delivered by AP automation solution providers around supplier recruitment have allowed buyer organizations to include suppliers in their automation initiatives and change supplier behavior more efficiently.
Given this interest in IWA solutions, PayStream Advisors is developing a report titled “Imaging & Workflow Automation (IWA): The Emerging Invoice Management Revolution” for accounts payable managers, controllers, treasurers, and finance managers who are interested in exploring IWA solutions. You can download a complimentary white paper at LINK. The full Technology Insight Series report will be released in September 2009.
Full Report Highlights
- Why are organizations interested in IWA solutions?
- What did PayStream surveys around AP automation reveal?
- What functionality is available as part of IWA solutions?
- What best practices are companies using to complement technology initiatives?
- Who are the key players in this market and what solutions do they offer?
- How can your organization go about selecting the solution that best fits your needs?
Vendors Covered in the Report
Ariba
Banctec
Basware
Concur
EMC/170
Esker
Hyland
Imagitek
Kofax
Metafile
OpenText
ReadSoft
