4. Research and Advisory Services for
Financial Operations
o Purchase-to-Pay Research, Tools and Education
o Peer Benchmarking Groups
o Electronic Payments & Discount Optimization
o Annual Conference INNOVATE 2015: P2P Summit
5. The can’t miss P2P education &
networking event for
professionals in:
• Accounts Payable
• Finance
• Procurement
• Shared Services
• Supply Chain
• IT & Treasury
innovate.paystreamadvisors.com
Sessions include:
• The Realities of AP Improvement:
Overcoming Divergent Objectives
and Limited Resources
• Risk & Reward: Balancing change
with Increasing Regulation,
Compliance and Fraud
7. Experts in AP and Document
Management Solutions
• Award winning workflow and content productivity software company
founded in 1996
• 8,000+ customers, 145,000 users in many industries
• Robust, scalable, affordable solutions supported by a highly
responsive technical team
• Solution is available on-premises or in the cloud
8. Agenda
• Your business case foundation
• Presenting the true cost of paper
• Identify role models: what the
innovators are doing
• How docSTAR can help
9. Poll Question #1
What is the largest factor holding back process
improvement in your AP Operation?
A. No executive buy-in
B. Lack of budget
C. Fear of no ROI
D. Belief that current systems work
11. Does this sound familiar?
1. You go to a conference (or attend a
webinar) and learn about cool new things
other AP departments are doing.
2. You get bogged down in the day to day
“administrivia.”
3. You give up until the next conference.
11
14. Your Business Case Foundation
Limited resources
What is the time frame?
What resources do we have to
complete this project?
Management concerns
Will there be down time?
What is Plan B?
Identifying Potholes
14
16. Companies lack visibility of true cost of
paper processes
Source: PayStream Advisors’ 2014 Invoice Workflow Automation Report | Q4 2014 | All rights reserved.
“What is your average fully loaded cost to produce an invoice?”
17. Invoice Costs for Paper Based AP
Visibility into AP Success Metrics
Average cost
to process an
invoice for
those just
getting
started
(Novices)
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
18. Costs for Partially Automated AP
Visibility into AP Success Metrics
Average cost
to process an
invoice for
Mainstream
organizations
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
19. Costs for Organizations with High Levels
of Automation
PayStream’s Cost Per Invoice Calculator
Average cost
to process an
invoice for
Innovator
organizations
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
20. Unlocking Working Capital
Source: PayStream Advisors’ 2015 AP & Working Capital Report | Q2 2015 | All rights reserved.
“How often is your organization able to capture early payment
discounts available?”
21. Poll Question #2
What is your top AP initiative?
A. Get AP automation project started
B. Implement existing automation project
C. Develop a plan for automation
D. Research the options
23. What the innovators are doing
*Source: PayStream Advisors 2014 IWA Benchmark Report | Q4 2014 | All rights reserved.
Companies plan to implement AP invoice automation
Which technologies are
you planning to
implement within the
next 6 months?
24. What the innovators are doing
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
Common Success Factors Among AP Innovators
Where do you stand on
the path to AP
innovation?
Long term paperless
goals
Supplier engagement
strategy
Metrics to define success
Enabled by service
partners, not just
technology solutions
25. docSTAR Customer Use Case
Challenge
Processing more than 2,400 invoices per month across 6
locations, late payments, lost invoices and missed discounts
Business Solution
docSTAR eclipse Smart AP Automation
Testimonial
“The feature set is excellent. The searching is powerful and intuitive. The workflow
makes approvals easy. It also has great reporting and tracking abilities that I can get
in real time.
We had a very positive experience. In a land of software vendors over-promising
and under-delivering, docSTAR delivered everything they promised and more.”
Neil Baier, VP Finance
26. What the innovators are doing
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
PayStream Advisors’ CPI Calculator
27. What the innovators are doing
Benchmarking Items for AP Process Improvement
Metric Novices
Average processing time
invoice receipt to approval
45 days
Average processing cost per
invoice (combination of paper
and electronic)
$15.00
Percentage of invoice terms
discounts captured
18%
Mainstream Innovators
23 days 5 days
$6.70 $2.36
40% 75%
28. docSTAR Customer Use Case
Challenge
Over 100,000 documents in their existing AP database and processes approximately
20,000 invoices annually.
Business Solution
docSTAR’s Intelligent Data Capture with SAGE integration saves Collier’s AP team up
to 50 hours a week!
Testimonial
“I’m really impressed is the simplicity of [docSTAR] because the simplicity makes it
flexible. But at the end of the day, our experience has been so positive because of the
docSTAR people. They have made this product so strong.”
Royce Pruitt, CFO
30. Where to Start
• What are your biggest challenges, bottlenecks and pain
points?
• What stage are you currently in?
• Incremental improvement or complete overhaul?
• Cloud or on-premises?
• Basic capture or full automation leveraging Intelligent Data
Capture (IDC)?
• Basic or advanced workflow with branching?
• Integrate with your ERP system?
Henry to Eric. Thanks again for being with our audience today and to share your 10 years of experience in transforming AP. Can you tell us a little about docStar?
Go to conference (or attend a webinar) and learn about cool new things other AP departments are doing
Things that would be perfect for your department!
Get bogged down in the day to day stuff
Doing more with less is a way of life for AP
Give up until the next conference
We don’t have the time to implement something new (even if it is the right thing to do)
Questions for ERIC,
Eric, you’ve been in this business a long time. What can folks on this call do to make the case for automation?
Eric to answer.
“Conduct a Current state assessment…”
Benchmarking can help
Identify where you want to be
Identify what technology fits your needs best
Define the project
Involve the right players
Justify the investment
Eric to Henry for tee-up of next slide. Henry, you said that PayStream Empowers Managers to Transform AP and Procurement. What is the best way to justify the investment?
Henry:
What are your current costs?
You need to understand your current cost of doing business
Document the Facts & figures (metrics)
Determine the right project(s) for you
Help you prioritize those projects
Build your case
Learn how to communicate AP to the Steering Committee
Executives may not understand what you do but they understand statistics
Measure the success of your changes
What do the Stakeholders care about?
Know your audience
We want to hear from you. If you want to ask a question about this – please type it into the panel on the left?
Henry. Limited resources
What is the time frame?
How can this be done?
Consultants?
Management concerns
Down time
What is Plan B?
Be flexible!!!
Training
Change Management
Henry, docSTAR has worked with thousands of clients. I can tell you the clients with whom I’ve worked, with very few exceptions, have never calculated their actual cost of processing an invoice. What does your independent research indicate about cost per invoice?
Eric to Henry:
Before deploying an AP automation solution, I’ve found that very few of my clients had been able to fully take advantage of their trade discounts due to inefficient and lengthy invoice approval cycles. In fact, it’s been my experience that many of my clients were struggling just to meet the invoice due date! Because taking advantage of trade discounts offer a number of financial benefits, I know you and your team have studied this topic extensively. What has your research indicated?
We have a question. Can I get a copy of the slides?
Eric to Henry:
I frequently advise my clients to not try and “eat the entire elephant” at one time. In other words, I always recommend focusing on the biggest pain point and deploy an automation solution with basic features or focused on one process. It’s important to adopt a scalable solution, which provides for a much smoother initial deployment around a specific business process, employees quickly adopt it and then the efforts to expand the solution are rapid and generally the demand has been generated internally. In what sequence do you tend to see companies adopting automation solutions?
Long term paperless goals to eliminate manual validation of OCR captured invoice data from paper/PDF … better support front-end invoice data capture for hand-off to AP automation
Henry to Eric, (tee-up the next slide).
Eric, I know you have many customers that you have helped automate their AP department, can you share a client success story? Can you tell us about Crescent Crown –a beverage distributor?
Crescent Crown – beverage distributor.
After case to Henry from Eric.
Eric to Henry: Henry, you mentioned calculating cost per invoice – how should organizations determine their cost per invoice.
Henry to Eric to Tee up next slide. We promised several case studies. Eric – can you share another docStar success story that helps us see how developing a strong business plan lead to savings and paperless AP?
Collier Restaurant Supply, owns more than 15 restaurants chains including Golden Corral, The Melting Pot, and TGI Fridays.
Henry – It’s almost time for your questions. Eric, almost everyone viewing this webcast wants to improve AP. What do you suggest that organization do in order to get started on the AP automation journey? What questions should they ask?
Maria: We have a home grown system, can docstar work with that?
James: Over the years we have acquired many different companies with different ERPs, can docstar work with all of them at once?
Rahim: Does docstar work well for shared services centers?
Luis: How does docstar connect to back-end systems?
Jackie: Who’s data centers do you run in?
Rosemary: (Henry) We’re a mid sized hospital with 5000 month invoices? What do you suggest we do to get our project started? – based on previous efforts, the CFO has not been willing to invest in AP.
Liam: What is the licensing model, how do you pay for the solution?
Abigail: Because data is in the cloud, how is security managed?
Hannah: How is docstar configured and customized?
Jonathan: Would docstar help with building a business case for senior management?
Yasir: Does docstar have other modules and what do they do?
Question for Henry: how would we learn more about AP automation?
Maurice: How does dynamic discounting work with docstar?