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Did you know? | Procure-to-Pay Statistics You Should Know

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Whether you're a Procurement, Accounts Payable, Treasury, or Shared Services professional--here are interesting statistics you need to know right now to help your department make informed decisions about P2P automation.

This presentation is perfect for you if you're need to achieve cross-departmental buy-in on an existing project or if you're considering a procure-to-pay software solution initiative.

Published in: Business
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Did you know? | Procure-to-Pay Statistics You Should Know

  1. 1. Did You Know?
  2. 2. Supplier Self Services A typical AP department can expect inquiries from 15-20% of their invoice volume The average invoice or payment inquiry that an AP department handles takes 5-20 minutes IOFM 2014 Approximately 60% of those inquiries are from invoices that are already paid
  3. 3. Supplier Self Services Financial Operations Network 2014 Supplier portals can eliminate up to 80% of inbound inquiries
  4. 4. Supplier Information Mgmt. 60% of a category manager’s time is spent compiling supplier data At least two-thirds of financial audits will comment on supplier data accuracy 1 The Hackett Group, 2012 2 Gartner Research. 2007
  5. 5. Supplier Information Mgmt. AMR Research. 2011 Companies that take a supplier information management approach, leveraging self-service technology, save an average of $430 per supplier
  6. 6. ePayments 92% of suppliers prefer to be paid electronically However, approximately 67% of all corporate payments are still paid by check IOFM 2014
  7. 7. ePayments Companies can save between $2-$5 per payment by switching from paying by check to ACH IOFM 2014
  8. 8. eInvoicing The average cost to process a paper invoice is between $8-$15 But, the average cost to process an electronic invoice is between $2-$5 Billentis. 2014
  9. 9. eInvoicing Businesses can achieve between 60-80% cost savings by adopting electronic invoicing compared to traditional paper-based invoices Billentis. 2014
  10. 10. Supplier Financing 49% of surveyed suppliers state a 1% discount should accelerate payment by 5-20 days 12% of surveyed suppliers want to be paid immediately upon invoice approval for every customer – every time 17% of surveyed suppliers want to be paid upon invoice approval most of the time Taulia Network Survey 2014

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