Ardent Partners’ latest ‘Accounts payable metrics that matter’ report shines a light on the current state of accounts payable and its continuing evolution. Its findings are clear: the age of intelligent accounts payable is coming. As teams mature they have a once-in-a-lifetime opportunity to revolutionize their work and amplify the value they bring to the enterprise.
But we’re not quite there yet. Many accounts payable teams continue to struggle to nail the basics. They’re blighted by manual processes, high exception rates, and slow approvals. This must change, and quickly, if teams want to master the analytics, insights, and agility required to unlock the immense value of the supply chain.
Some key takeaways from the report:
55 percent of executives say accounts payable is exceptionally or very valuable
22 percent of accounts payables’ time is spent dealing with supplier inquiries
$10.08 is the average cost of processing a single invoice
8.3 days is the average time taken to process a single invoice
22.6 percent is the average number of invoice exceptions accounts payable teams must handle
How does your department stack up? Is it ready to take the next step and enter the age of intelligent accounts payable? Download the report to find out.