May 2021: Focus on Process Improvement

June 7, 2021

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IOFM periodically polls AP professionals to gather trending information on key issues, including process improvement and current challenges. In this month’s Insider, we look at a few recent metrics that reveal opportunities for performance improvement.

Metric of the Month

Unclaimed property is something that AP must address, but how prevalent are UP audits and what are the repercussions? One in five of survey respondents said they’d undergone an audit, with some experiencing pricey fines and penalties.

Click Here To See More Benchmarking Summaries

 

 

A Maturing Workforce

For many organizations, AP team members choose to remain in their job until they reach retirement age. In fact, recent metrics indicate that 21% of departments are at risk of losing a sizeable percentage of staff to retirement by 2026. The key to managing through this is to begin to reshape AP now.

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Automation, Compliance, and Process Improvements

Refresh your skills toolbox while re-connecting with peers and leading solution providers at the APP2P Conference this August. Review the event agenda to see the variety of updated and relevant topics, from automation to compliance to leadership, and more. Register now, while the Super Saver discount is in effect!

Review The Agenda

 

 

Process Consistency

When staff members make decisions at “desk level”—individually determining their own priorities and methods—process inefficiencies and inconsistencies are common. How many departments work this way vs. implementing decision-making at a department level or an end-to-end P2P level? Here’s what the numbers show.

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Helping Your AP Team Be the Best It Can Be

IOFM’s new white paper, “11 Ways to Successfully Manage Your AP Team,” offers tips to raise the profile of your AP staff, enabling them to make a positive impact on your organization. Improve engagement and morale for results that count – increased efficiency and productivity.

Download Now

 

 

WEBINAR: Transformational Change

How can you drive efficiencies within the P2P process? Jennifer Lawrence of food giant Sysco worked tirelessly to figure that out, so the organization promoted her to the role of transformation director. Register for this free IOFM webinar and get tips for building engagement and leveraging technology for positive change.

Register Now

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