New study by the Aberdeen Group, underwritten in part by Metafile Information Systems, shares the barriers to, and benefits of, paperless financial automation
Metafile, a Minnesota-based content management firm dedicated to providing streamlined financial innovations, has helped ensure financial departments in companies worldwide experience the strategic value of accounts payable automaton by underwriting the latest AP whitepaper by analysts at the Aberdeen Group.
The "E-Payables: Imaging and Workflow" report, the first in a three-part series of Aberdeen benchmarks on AP automation, focuses on the initial stages of the accounts payable process, invoice receipt and workflow management.
There is more to paperless accounts payable automation than just cost savings; imaging and workflow management solutions promote compliance with business controls allowing AP staff to focus on more strategic tasks
The study disseminates reasons why some enterprises have yet to completely eliminate paper from their financial processes while benchmarking data illustrating the bottom-line benefits of the move towards paperless workflow automation.
Leveraging the insights of more than 200 executives, the Aberdeen group discovered that integrating accounts payable automation solutions with existing IT systems poses the greatest challenge to paper removal. As a result, forty-four percent (44%) of enterprises do not move to implement any einvoicing solutions.
"The reasons against implementing an einvoicing solution are not surprising. In fact, IT systems integration is perhaps the most common concern among our newest customers," states Jim Mandt, Metafile's Vice President of Technical Support. "In response to this concern, many financial automation solutions, including Metafile's MetaViewer, are designed to have as minimal impact on a firm's IT environment as possible by offering either a full-service in-house solution or an online, hosted solution with full technical support and backup of all files in a secure data center."
Enterprises that automate invoice receipt and workflow management by implementing solutions such as MetaViewer demonstrate significantly lower invoice-processing costs and cycle times while improving visibility and control over spending and reducing regulatory compliance risks.
Best-in-Class enterprises are excelling in many performance metrics and demonstrate the following AP performance benefits by utilizing automated solutions:
Invoice-processing costs are 83% lower than all other enterprises
Invoice-processing cycle times are 80% faster than their peers
At the end of the day, however, the benefits of going paperless are more than just financial; rather they speak to a company's competitive advantage as a whole.
A complimentary copy of the report "E-Payables: Imaging and Workflow" underwritten by ReadSoft, Verian Technologies and Metafile Information Systems, is available by visiting Aberdeen's website.
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