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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.
Featured Content
2022 Benchmarking Report: The Benefits of Benchmarking
Available now! Assessing how your organization compares to others like it and then looking for the opportunities to improve allows you to streamline your operations and maximize the contributions of AP. This is the first in a series of three 2022 IOFM benchmarking reports, meant to paint a broad picture of the survey participants. Collectively, the three reports reveal AP trends and represent a starting point for your process improvement journey.
Featured Content
2022 Benchmarking Report: Accounts Payable Processes
Available now! This second report covers the processes now in use by the survey respondents. This will provide some context for you so you can begin to determine where your organization fits into the AP continuum in terms of automation, outsourcing, the way your department is organized, and so on. This is an important first step in getting your bearings for initiating a benchmarking project.
Featured Content
2022 Benchmarking Report: Accounts Payable Performance
Available now! The third and final report of our 2022 series report analyzes the performance of our survey respondents in their AP processes. This will cover key performance indicators like PO-to-invoice match on the first try, duplicate payments, invoices paid on time, and more. You will be able to use this report to compare your organization's performance compares to those with similar characteristics. This will help you identify potential areas of improvement.
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Latest
Q. I have been tasked by senior management to find benchmarking for various KPIs, including paid on time, invoice cycle time, invoice backlog and PO… Read More
The first step in making the business case for any improvement is measuring current performance and gauging how much of an improvement is realistic.… Read More
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What separates world-class AP teams from everyone else is a simple concept: process consistency, enabled by automation. Yet the latest IOFM… Read More
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