Unlocking Efficiency and Strategic Value: Benchmark Insights on AP Automation

In a macroeconomic landscape defined by high interest rates, rising costs, and an evolving regulatory environment, companies are under pressure to recalibrate their cost structures to remain competitive. Amid this financial squeeze, many organizations are turning to their support functions, particularly finance, to unlock savings. Despite its long history of optimization, finance—specifically Accounts Payable (AP)—still holds significant untapped potential for improvement.

The AP Automation Imperative

While most organizations have adopted various tools to reduce manual labor and enhance quality within their finance functions, less than 50% have fully realized the benefits of digital transformation. Within finance, AP stands out as a clear area ripe for further automation. According to recent data, 84% of finance executives have identified AP as a priority for automation over the next 24 months. While some aspects of AP, like invoice ingestion, have been automated, others—such as invoice processing and analytics—are still lagging. This delay leads to prolonged invoice processing times, higher costs, and limited visibility into crucial invoice data.

84% of finance executives have identified AP as a priority to further automate in the next 24 months.

Why AP Metrics Matter

As the role of AP evolves beyond simple cost reduction, finance leaders are increasingly focusing on improving reporting, data analytics, and enabling electronic invoice submissions from suppliers. Furthermore, AP is now seen as pivotal in managing working capital, with two-thirds of AP leaders recognizing its strategic importance for cash flow analysis. For AP to achieve its full potential, leaders must zero in on metrics that deliver the highest value swiftly.

Unlocking the Full Potential of AP

In our ebook, "Driving the CFO Agenda with AP Automation - Basware's AP Benchmarking Report," we provide finance leaders with the insights and benchmarks needed to elevate their AP function. The ebook delves into critical metrics—such as AP team productivity, touchless invoice rate, and on-time payment rate—that can serve as powerful indicators of an organization's AP health. By focusing on these benchmarks, companies have visibility into the metrics which matter the most, understand what good looks like and have a clear set of actions on how to achieve best in class performance in order to transform AP into a strategic powerhouse that drives business value.

In today’s financial climate, the ability to optimize AP processes is more crucial than ever. Basware’s AP Benchmarking Report equips finance leaders with the knowledge and metrics to drive meaningful improvements and unlock the full potential of AP automation. Download the ebook to learn how you can transform your AP function and drive the CFO agenda forward.