An IDC (International Data Corporation) study in 2017 on behalf of SAP Concur identified a cost saving of $662,000 per organization on average once corporations adopted AP automation processes. This translates into $3,258 savings per 1,000 generated invoices. In addition to reduced overhead, CFOs benefit from greater transparency of AP automation and are able to better demonstrate the efficacy of their department with more accurate and detailed reporting.
The Importance of Visibility in Accounts Payable Departments
Visibility is key here: a CFO has to report back to the CEO and board members. When those meetings require a briefing on accounts payable, CFOs have accurate, real-time data in hand. There are fewer questions and more answers. More confidence in the data and better data means trends can be spotted early and interpreted.
Improved Compliance and Other Savings