PayStream Advisors Survey Shows that North American Firms Still Struggle with Manual Accounts Payable Processes
The latest PayStream Advisors Report, Sponsored by Artsyl Technologies, demonstrates that middle market firms still struggle with paper, while larger enterprise are hobbled by manual data entry.
- (1888PressRelease) November 27, 2017 - ONTARIO, CANADA - Artsyl Technologies, Inc.™, a leading global provider of digital transformation technology for intelligent data capture and document workflow processing, today announced its sponsorship of a new survey released by PayStream Advisors, focused on Invoice Workflow Automation best practices among North American enterprises. The report, sponsored by Artsyl Technologies, is based upon a survey of 400 back-office employees across multiple industries and market segments.
“PayStream Advisors continues to publish insights and opinions that reflect the goals, interests and challenges of companies seeking to transform their operations through digitization and automation,” said Jeff Moore, Chief Sales Officer of Artsyl Technologies. “We are proud to continue to sponsor PayStream’s research and analysis, in the interest of helping firms of all sizes to achieve greater process efficiency, control and excellence.”
The State of AP in North America
The Paystream study examines the top pain points for North American organizations by size. Results show that a majority of companies (55%), regardless of size, expressed that manual data entry and inefficient processes were a common source of process pain. This was particularly true for large enterprises, 63% of which cited manual data entry as one of their top three pain points.
Small to medium-sized firms, in contrast, still struggle with paper invoices, compared to their larger counterparts. Sixty-two percent of small/medium enterprises indicated that a majority of invoices were received as paper, compared to an average of 40% for all firms.
Things to Consider When Automating AP
To help companies to identify the best solutions to overcome their AP process challenges, the PayStream report includes a detailed set of questions for AP teams to answer in order to help define KPIs for their current processes and establish measurable goals for process improvement.
Questions, along with detailed context, include:
• How many invoices a year does the organization process?
• How many of each type?
• What are the percentages of invoice receipt types?
• How many suppliers does the organization have?
• How many official AP approvers are responsible for invoice review and approvals?
• How many touches outside of AP are typically involved per invoice?
Additional questions and considerations for identifying an automated workflow solution and establishing key performance indicators included in the report are designed for companies of all sizes and industries to better define a solution and select a technology partner.
About Artsyl Technologies, Inc.
Artsyl Technologies, Inc. is the innovative company behind the docAlpha Smart Process Platform. For over 10 years Artsyl has been designing, building and innovating technology used by companies globally to reduce their document processing burdens. Whether you have Accounts Payable Invoices, Sales Orders or Remittances docAlpha is designed to make their processing easy. docAlpha can be used in any business process to automate the classification, data extraction, validation and routing of mission critical information to its proper line-of-business application. docAlpha is a state-of-the-art IDR platform designed using Microsoft .NET and a Services Oriented Architecture (SOA) which allows it to scale up for Enterprise level On-Premise deployment or be used as a CLOUD based SaaS solution. docAlpha is sold through distributors and VARs globally. Visit http://www.artsyltech.com for more information.
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