{"id":2258,"date":"2015-07-21T21:43:30","date_gmt":"2015-07-21T21:43:30","guid":{"rendered":"https:\/\/www.peeriosity.com\/shared-services\/articles\/?p=2258"},"modified":"2022-08-09T07:49:30","modified_gmt":"2022-08-09T07:49:30","slug":"evaluating-accounts-payable-workflow-solution-providers","status":"publish","type":"post","link":"https:\/\/www.peeriosity.com\/shared-services\/articles\/2015\/07\/evaluating-accounts-payable-workflow-solution-providers\/","title":{"rendered":"Evaluating Accounts Payable Workflow Solution Providers"},"content":{"rendered":"

Making step-change improvements to Accounts Payable processes requires a rigorous approach that considers the end-to-end process<\/a> that spans order initiation, order receipt and fulfillment from the supplier, receipt of goods or performance of services, and finally completed with payment to the supplier with the resolution of any discrepancies, rebates or refunds.\u00a0 For processing, many small dollar transactions are perfect for a purchasing card, and others can be automated using Evaluated Receipt Settlement (ERS) Pay-on-Receipt, or electronic invoice processing. \u00a0\u00a0Accounts Payable workflow \u2013 defined as the many individual activities that are needed to complete payment \u2013 includes many channels for processing, and often has a focus on work activities that are associated with automating paper invoice processing via scanning, imaging, and, in some instances, the use of optical character recognition (OCR) technology.\u00a0<\/span><\/p>\n

A Peeriosity member at a large diversified global company that was considering alternatives for automating Accounts Payable processes<\/a> using workflow technology wanted to leverage the experience of other companies. To get answers quickly from knowledgeable peers, the member used Peeriosity\u2019s iPollingTM<\/sup> to create a question for members, with the real-time posting of poll results and the ability for the member to see immediately who responded, what company and region they represent, with the opportunity to contact individual respondents directly using Peeriosity\u2019s built-in communication tool, Peer MailTM<\/sup>.\u00a0<\/span><\/p>\n

The iPollingTM<\/sup> question created by the Peeriosity member asked for specifics regarding which 3rd<\/sup> party supplier, if any, was being used, with a follow-up question to see how satisfied each company was with the solution they had selected.\u00a0 Results for the first question indicate that for 29% of member companies workflow capabilities of their ERP software (typically SAP or Oracle) are utilized without the use of other 3rd<\/sup> party software solutions.\u00a0 Another 14% use custom in-house software, with 14% using a purchased solution that they don\u2019t specifically identify.\u00a0 When we consider named purchased 3rd<\/sup> party solutions, the market appears to be crowded with eight different solutions used by member companies, with OpenText, Onbase, and ReadSoft as the top three. \u00a0\u00a0Here are the details:<\/span><\/p>\n

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While there are many possible solutions, when considering the overall satisfaction of member companies with the current solution in place, only 67% were either satisfied or very satisfied, with 26% either indifferent or unsatisfied.\u00a0 An additional 7% of member companies indicated that it was too early to tell.<\/span><\/p>\n

\"ipolling<\/p>\n

Making improvements to Accounts Payable work processes requires a range of approaches to understanding the underlying nature of the transaction and whether or not associated payment details and, specifically, invoice information can be eliminated or automated<\/a>.\u00a0 While there are pros and cons to every approach, an important part of developing the right answer for your company is to carefully consider the real-life experiences of your peers when selecting and implementing workflow tools.\u00a0 While every vendor will have a good sales pitch, the truth is that there are substantive differences that need to be understood as you make your decisions about Accounts Payable workflow solutions.\u00a0<\/span><\/p>\n

Here are a few of the comments added by iPollingTM<\/sup> participants:
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