PayStream Advisors 2013 Invoice and Workflow Automation (IWA) Benchmark Report reveals survey results identifying current trends in invoice imaging, invoice workflow and electronic invoice solutions.
CHARLOTTE – (September 13, 2013) PayStream Advisors, Inc., a leading independent research and advisory firm, today released the 2013 Invoice and Workflow Automation Benchmark Report. Survey results reveal that paper invoices continue to decline from 59 percent in 2012 to 52 percent in 2013, as electronic invoicing gains more traction.
While large companies continue to lead the pack in AP automation, small and medium enterprises (SMEs) are gaining traction. The IWA report reveals that the biggest gain in AP automation over the past year came from medium-sized companies adopting front-end imaging – up from 51 percent in 2012 to 58 percent in 2013.
“SME’s are now embracing AP automation as they strive to migrate from a manual paper-based invoice system to an efficient and cost saving automated system,” states Henry Ijams, managing director of PayStream Advisors. “Solution providers have made AP automation more attractive to the SME market with affordable, easy-to-use and easy-to-implement technology solutions.”
The IWA report provides a comprehensive look at the past two years and reveals front-end imaging, automated workflow and electronic invoicing trends, as identified by AP professionals. The report is based on the results of PayStream Advisors 2013 IWA survey of over 200 AP professionals at U.S. based enterprises.
Key findings in the report include:
- Over one-third (35 percent) of companies have made significant investments in AP automation, and 23 percent are currently evaluating the use of AP automation technology.
- The majority of invoices received in paper format remain the number one challenge in the invoice management process – 50 percent. Manual data entry and inefficient processes ranked second with 37 percent.
- The top financial automation goal for 2013 is the implementation of an automated approval workflow for invoices – 33 percent. Increase electronic invoicing ranked second at 29 percent, and automating payment processing ranked third at 18 percent.
- Supplier resistance (22 percent) and the belief that current processes work (22 percent) ranked as the top two challenges to the adoption of electronic invoicing.
- Quicker approval of invoices ranked as the top benefit achieved by implementing an imaging solution.
- Adoption of approval workflow solutions continues to rise – up 2 percent from 35 percent in 2012 to 37 percent in 2013.
To learn more about invoice automation, don’t’ miss PayStream’s upcoming Purchase to Pay Summit, INNOVATE ’13, September 16-18, in Charlotte, NC.
The 2013 Invoice and Workflow Automation Benchmark Report was underwritten in part by ACOM Solutions, Basware, Chrome River, ReadSoft, and Tradeshift. The report can be downloaded for free on the PayStream Advisors website. Download your complimentary copy today.
About PayStream Advisors
PayStream Advisors provides in-depth research, reviews and comparisons of top accounts payable and purchase to pay automation software. Offering research and insight to help companies improve AP efficiency, PayStream Advisors also hosts the annual Purchase to Pay Summit, INNOVATE ’13, where accounts payable, finance and procurement leaders gather to share ways to advance purchase to pay processes through collaboration and automation. For more information please visit: www.paystreamadvisors.com.
Contact: Teresa Bertucci, PayStream Communications Manager