A major shift in the way P2P departments collaborate has been highlighted in a new survey conducted by Accounts Payable News and sponsored by Basware.
The survey highlights the introduction of Heads of P2P, or Global Process Owners as a key driver of this change. Over 58% of departments now work closely together, resulting in increased organisational level recognition for Accounts Payable (A/P) departments.
The survey found that collaboration levels were also enabled by an increase in the application of automation solutions and technology, with 43% now using einvoicing, a 6% rise over last year. Despite this, those operating in an almost entirely automated environment remain in the minority, with fewer than 11% of organisations doing so.
However, with organisations still being challenged to achieve more, frequently with reduced resources, almost 60% identified cost reduction as the major challenge for 2013 – up 2% on last year.
Yet, with 34% stating that keeping track of invoices is their biggest operational issue, and only 35% measuring both auto match and exception rates – being able to reduce costs remains a strong challenge. A situation not helped by only one in every 30 invoices resulting in early settlement discount capture.
“The ability to identify process inefficiencies is the first and most obvious step to making improvements,” commented Ellen Leith, Editor, Accounts Payable News. “This new research shows that many companies are struggling to see where the problems in their AP process originate, allowing errors and cost inefficiencies to creep in.”
Download the report