What is Invoice Automation? Business Value and Best Practices for AP Automation
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Invoice automation can significantly reduce processing costs and time while improving fraud detection. For companies still relying on manual AP processes, this article provides quantified benefit data and a solution evaluation framework to help drive AP digital transformation.
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- SAP Concur BlogWhat is Invoice Automation? Business Value and Best Practices for AP Automation
An SAP Concur blog post explains how invoice automation digitizes the vendor invoicing process to create faster, leaner, more cost-effective AP workflows. Data cited includes: 62% of organizations report financial losses from fraud in the last three years; invoice processing time decreased by 82% to 3.1 days per invoice; cost to process each invoice decreased by 80% to $2.78; invoice exceptions decreased by 59% to 9%. Only 51% of organizations say they can immediately recognize AP fraud, and 36% still report using no technologies to detect or prevent finance fraud. The article also lists capabilities to consider when evaluating automated AP solutions, including OCR capture, AI planning, das…