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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.
While every organization is different, understanding how well similar departments perform will help you plan your own unique path to process improvement. Benchmarking data won’t tell you how to improve, but it will shed light on where you stand to gain the most improvement. In the first of the 2023 series of three reports, we’ll discuss the demographics of this year’s respondent pool so you understand where the responses came from.
Accounts payable performance can be assessed in a number of ways. On the one hand, there are successes — paid on time metrics, DPO, discounts captured. On the flip side, there are measurements that track problems — PO-invoice mismatches, duplicate payments, corrections after entry into the system. This second report covers both side of performance metrics for this year's survey respondents.
The third and final report of our 2023 series explores automation, which continues to be a dominant narrative in the financial operations industry. How are accounts payable teams currently using it? What are their plans for the future? And finally, how savvy are they about the different types of technology out there?
What are you waiting for?