May 21, 2013 Leave a comment
Spring was slow to show up here in the Midwest this year. On a rather cold and overcast day, I went to visit one of my customers. They had described their “old” process to me as a “paper addiction”. Esker and this particular Accounts Payable Customer worked together to come up with a program to allow them to recognize their problem, own it, and then overcome it.
Thankfully for the past two years, this company has been in “recovery,” and they have been “live” on a fully automated solution completely in the cloud. With this automated solution they have had a number of successes. A few feats that they have shared with me include:
- Staff having 45% more time to focus on value added tasks.
- Vendor calls that have been reduced by 50% and they can now be resolved on one single call, which reduces the time to resolution significantly.
- Invoice approvals can occur in a fraction of the time, in comparison to the old method of manually routing and/or manually scanning and emailing them.
- Visibility for their processes—You cannot actively manage what you are not actually measuring.
All of this is great stuff…But after talking to their business team, I wanted to see what the IT staff was thinking about the solution after being two years in. Some of the comments that they made were even more interesting since these costs are difficult to quantify as a KPI within the organization. Here is a sampling of what they have experienced:
- IT staff was able to take on two additional projects because they did not have to dedicate time to server maintenance for this process.
- They anticipated that a typical application would require an upgrade of hardware every three years and an upgrade for the software every 24-36 months. Normally, the budget for these upgrades would be $50,000 or higher. This is money that they did not have to spend with the implementation of Esker, and those funds were able to be allocated elsewhere.
- The AP automation project probably would have taken an extra year to implement if it would not have been a cloud application like Esker.
Even though the weather wasn’t the greatest this Spring, I felt like the sun had come out after that discussion! Until next time–Julie Mai
Are you interested in learning more about automating AP and the many benefits it can bring you? Attend our free upcoming AP Webinar at the end of June 2013, “Accounts Payable: Benchmarking Your KPIs against Top Industry Metrics” which will discuss how relying on key performance indicators is essential to improving your overall AP performance.
Along with Accounts Payable Automation comes Accounts Receivable Automation, which Esker has solutions for as well. Our very own Howie Hahn of Esker will be presenting the latest results from a bench-marketing study done by The Institute of Financial Operations (IFO) at Fusion on Tuesday, May 21 at 3:30 pm EST in the Cancun Room. The title of the presentation is “215: Trends in AR Automation: Results of an Annual AR Automation Survey”—Head on over to join the session to optimize your time at Fusion 2013.