Benchmarking - Measure your AP Performance

Before you make any changes to your processes, it’s crucial to know how your performance compares to your peers. The content in this section includes both measurement process and principles -- why measure, what to measure and how to measure – as well as our latest data. 

Female AP Professional processing an invoice on her computer working on a calculator

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IOFM's 2021 Maximizing Your Automation ROI Report

What separates world-class AP teams from everyone else is a simple concept: process consistency, enabled by automation. Yet the latest IOFM benchmarking data shows many AP departments have invested in automation without process standardization. This report focuses on fixing your processes first, enabling your IT department to make good processes even better.

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IOFM's 2021 World Class AP Performance: Efficiency Benchmarking Metrics Report 

The first step in making the business case for any improvement is measuring current performance and gauging how much of an improvement is realistic. IOFM's latest benchmarking data enables you to compare your department to others AP functions with similar levels of automation and organizational structures. And with the massive changes experienced in 2020, these new insights are more valuable than ever.

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Featured Content

IOFM's 2021 World Class AP Performance: Effectiveness Benchmarking Metrics Report

The goal of any top-performing AP team should be to strike a balance between efficiency and effectiveness measures. You don’t want to go so fast that you make lots of errors—duplicate payments are costly. On the flip side, you don’t want to be so preoccupied with avoiding mistakes that you process so slowly it raises your costs. This report highlights IOFM’s latest data related to accuracy, rather than speed.

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Latest

The recent pandemic-related thinning of the AP workforce, due to both voluntary departures and staff reductions due to decreased business, has

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Q.  At the health system where I work, we are implementing the Workday ERP. As part of the transition, corporate credit cards and employee expense… Read More

Skill-siloing in accounts payable is a long-standing issue within many organizations. In a new IOFM white paper, “Employee Burnout and What

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