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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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

Metric of the Month: The Aging Workforce

According to recent IOFM benchmarking data, many organizations are dealing with AP teams approaching

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Metric of the Month: Invoices on the Rise

The number and size of invoices have climbed for the vast majority of AP teams for the third consecutive

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Q.¬†What is the percentage of PO discrepancies that an AP department typically has? Is there any benchmarking report related to this? A. One of the… Read More

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