PayStream today released the 2013 Invoice and Workflow Automation: Progressing Beyond Efficiency to Strategic & Tactical Benefits report. Survey results reveal that electronic invoicing increased by 3 percent and workflow automation increased by 2 percent from 2011 to 2012.
Inefficient, paper-based invoice processing methods are still the primary method that businesses are utilizing to trade invoices. However, there is a light at the end of the paper trail – electronic invoicing to trade B2B invoices is on the rise, while the use of paper is decreasing. Electronic invoices now account for nearly one-quarter of invoice volume.
The purpose of the report is to explore the convergence PayStream analysts are witnessing between invoice and workflow automation and electronic invoicing, as more accounts payable departments migrate towards paperless processing. PayStream conducted an in-depth survey of over 500 AP and other finance professionals at U.S. based enterprises. Key survey findings include:
- Electronic invoicing increased by 3 percent and workflow automation increased by 2 percent from 2011 to 2012.
- Electronic invoicing (31 percent) and automated workflow (25 percent) are the top AP automation goals for 2013.
- The use of electronic invoicing to trade B2B invoices increased by 8 percent from 2011 to 2012, while the use of paper decreased by 5 percent.
- The fact the majority of invoices are received in paper format (61 percent) is the number one challenge in the invoice management process.
- Over one-third of survey respondents report that less than 10 percent of their invoice process is automated.
- Survey respondents report that the top barrier to imaging solutions is a lack of budget (27 percent).
- Nearly half (48 percent) of respondents report they are currently utilizing a front-end imaging solution.
- Companies invest the most resources into implementing workflow technology (24 percent).
- Nearly one-quarter (24 percent) of survey respondents report they are currently utilizing an electronic invoice solution.
- The number one benefit to the implementation of approval workflow is the quicker approval of invoices (76 percent).
- The number of suppliers that converted to electronic invoicing dropped from 20 percent in 2011 to 11 percent in 2012. Supplier adoption is on the rise.
The Invoice and Workflow Automation report was underwritten in part by Corcentric, Image Processing Systems, PRGX Global and ReadSoft. Preview the report HERE. PayStream Advisors website. Download your complimentary copy today.
