It is no secret that finance departments have been a target for process automation and the elimination of physical content. Accounts payable and accounts receivable encompass many of most critical of processes for any business; it may sound trite, but cash is indeed the lifeblood of the organization—a major source of competitive differentiation is how efficiently payment processes are carried out.
In this report, we put the following question to the test: is process improvement in finance a worthy pursuit for our organizations? To prove this, we will examine how invoice automation is performing in accounts payable with a by-the-numbers cost breakdown gathered from current finance segment research. Then mining our findings, we will assess drivers, strategy, and benefits stemming from process improvement projects in finance, and conclude our research by discussing how to justify the cost of an AP/AR automation initiative.