PayStream Releases 2012 Invoice and Workflow Automation Adoption Report
While paper still dominates as the number one method used to trade business-to-business invoices, paper is waning as more companies implement front-end automation and automated workflow. PayStream’s new Invoice and Workflow Automation Adoption report reveals that in the past year alone, the use of paper to trade invoices has dropped ten percent (59 percent in 2012 from 69 percent in 2011).
As the majority of invoices received on paper continue to decline, the challenges in the invoice management process are also declining. Survey results show that significant progress has been made year after year in process improvements. The 2012 survey responses showed that the high number of discrepancies and exceptions dropped from 24 percent in 2011 to 19 percent in 2012. In addition, lost or missing invoices decreased from 18 percent in 2011 to 14 percent in 2012.
The 2012 survey results also revealed that automated approval workflow for invoices has surpassed electronic invoicing as the top financial goal (up from 18 percent in 2011 to 29 percent in 2012). PayStream analysts attribute this increase to the fact that AP professionals recognize that imagine and workflow automation are more than accuracy and efficiency tools but also serve to provide visibility and improve spend analytics, cash management and vendor relationships.
Report findings are based on the survey results of PayStream’s 2012 Invoice and Workflow Automation Adoption survey. Data was gathered from over 300 accounts payable professional from a variety of finance and accounting positions.
Download a complimentary copy of the 2012 Invoice and Workflow Automation Adoption report today to learn more about the benefits of AP automation solutions.