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AP Automation: Making the Case to Automate... It’s About Time
Henry Ijams, PayStream AdvisorsEric McCracken, docSTAR
Today’s PresentersToday’s Presenters
Henry IjamsManaging Director
PayStream Advisors
Eric McCrackenSales Director
docSTAR
Who is PayStream Advisors?
www.paystreamadvisors.com
Research and Advisory Services for Financial Operations
o Purchase-to-Pay Research, Tools and Education
o Peer Benchmarking Groupso Electronic Payments & Discount
Optimizationo Annual Conference INNOVATE 2015: P2P
Summit
The can’t miss P2P education & networking event for professionals in:• Accounts Payable
• Finance
• Procurement
• Shared Services
• Supply Chain
• IT & Treasury
innovate.paystreamadvisors.com
Sessions include:• The Realities of AP
Improvement: Overcoming Divergent Objectives and Limited Resources
• Risk & Reward: Balancing change with Increasing Regulation, Compliance and Fraud
Who is docSTAR?
www.docSTAR.com
Experts in AP and Document Management Solutions
• Award winning workflow and content productivity software company founded in 1996
• 8,000+ customers, 145,000 users in many industries
• Robust, scalable, affordable solutions supported by a highly responsive technical team
• Solution is available on-premises or in the cloud
Agenda• Your business case foundation
• Presenting the true cost of paper
• Identify role models: what the innovators are doing
• How docSTAR can help
Poll Question #1What is the largest factor holding back process improvement in your AP Operation?
A. No executive buy-inB. Lack of budgetC. Fear of no ROID. Belief that current systems work
Your Business Case Foundation
Does this sound familiar?
1. You go to a conference (or attend a webinar) and learn about cool new things other AP departments are doing.
2. You get bogged down in the day to day “administrivia.”
3. You give up until the next conference.
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Your Business Case FoundationCurrent State Assessment
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Your Business Case FoundationAssessing where you are today
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Your Business Case Foundation
Limited resources What is the time frame? What resources do we have to
complete this project? Management concerns
Will there be down time? What is Plan B?
Identifying Potholes
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Presenting the True Cost of Paper Processing
Companies lack visibility of true cost of paper processes
Source: PayStream Advisors’ 2014 Invoice Workflow Automation Report | Q4 2014 | All rights reserved.
“What is your average fully loaded cost to produce an invoice?”
Invoice Costs for Paper Based AP Visibility into AP Success Metrics
Average cost to process an invoice for those just getting started (Novices)
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
Costs for Partially Automated APVisibility into AP Success Metrics
Average cost to process an invoice for Mainstream organizations
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
Costs for Organizations with High Levels of Automation
PayStream’s Cost Per Invoice Calculator
Average cost to process an invoice for Innovator organizations
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
Unlocking Working Capital
Source: PayStream Advisors’ 2015 AP & Working Capital Report | Q2 2015 | All rights reserved.
“How often is your organization able to capture early payment discounts available?”
Poll Question #2What is your top AP initiative?
A. Get AP automation project startedB. Implement existing automation projectC. Develop a plan for automationD. Research the options
Identify Role Models: What the Innovators are Doing
What the innovators are doing
*Source: PayStream Advisors 2014 IWA Benchmark Report | Q4 2014 | All rights reserved.
Companies plan to implement AP invoice automation
Which technologies are you planning to implement within the next 6 months?
What the innovators are doing
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
Common Success Factors Among AP Innovators
Where do you stand on the path to AP innovation?
Long term paperless goals
Supplier engagement strategy
Metrics to define success
Enabled by service partners, not just technology solutions
docSTAR Customer Use CaseChallengeProcessing more than 2,400 invoices per month across 6 locations, late payments, lost invoices and missed discounts
Business SolutiondocSTAR eclipse Smart AP Automation
Testimonial“The feature set is excellent. The searching is powerful and intuitive. The workflow makes approvals easy. It also has great reporting and tracking abilities that I can get in real time.
We had a very positive experience. In a land of software vendors over-promising and under-delivering, docSTAR delivered everything they promised and more.”
Neil Baier, VP Finance
What the innovators are doing
To calculate your CPI, visit www.paystreamadvisors.com/cost-per-invoice-calculator/
PayStream Advisors’ CPI Calculator
What the innovators are doingBenchmarking Items for AP Process Improvement
Metric Novices
Average processing time from invoice receipt to approval
45 days
Average processing cost per invoice (combination of paper and electronic)
$15.00
Percentage of invoice terms discounts captured
18%
Mainstream
Innovators
23 days 5 days
$6.70 $2.36
40% 75%
docSTAR Customer Use Case
ChallengeOver 100,000 documents in their existing AP database and processes approximately 20,000 invoices annually.
Business SolutiondocSTAR’s Intelligent Data Capture with SAGE integration saves Collier’s AP team up to 50 hours a week!
Testimonial“I’m really impressed is the simplicity of [docSTAR] because the simplicity makes it flexible. But at the end of the day, our experience has been so positive because of the docSTAR people. They have made this product so strong.”
Royce Pruitt, CFO
docSTAR as a Partner
Where to Start• What are your biggest challenges, bottlenecks
and pain points?
• What stage are you currently in?
• Incremental improvement or complete overhaul?
• Cloud or on-premises?
• Basic capture or full automation leveraging Intelligent Data Capture (IDC)?
• Basic or advanced workflow with branching?
• Integrate with your ERP system?
for spending your time with us.
Thank You
