A lot of things can go wrong from one end of the AP supply chain to the other. Take this 12‑question assessment from Tungsten Network and The Hackett Group to see where things are adding up – or not. Once you’re done, you’ll receive a customized, must-read report showing your strengths – and areas that need improvement.
TOP PERFORMERS RECEIVE70OF THEIR INVOICES ELECTRONICALLY WHILE PEERS ONLY RECEIVE 19
What percentage of your annual invoice volume is paper based?
What percentage of your invoices are received electronically in a ready-to-process format (i.e. through a portal, supplier, network, EDI, XML, etc.)? Don’t include email attachments or paper invoices.
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Invoice is received electronically and processed automatically by AP, without manual intervention
Q: What is your estimated cost to process an invoice? Hint: cost per invoice can be estimated by dividing the total annual cost of your entire AP department (all activities) by your annual invoice volume
Which of the following is the most important metric to your AP Department?
of invoice volume is concentrated among just 9 of suppliers
of spend is concentrated among only 4 of suppliers
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Guides setup of improvement projects and day-to-day business decisions through direct feedback from stakeholders.
Coupled with technology, eliminates paper and manual work wherever possible.
Reduces reliance on paper and manual processes. Plus, it makes data more available to purchasing and AP staff.
What percentage of your invoices are scanned/OCR prior to processing?
How are the majority of your invoices processed and matched
How many days does it take, on average, to approve a non-PO invoice for payment?
What's the first-pass match rate for PO-based invoices (either 2 or 3-way matched) processed by AP?
Number of payments made on time based on percentage of overall payments.
What's your on-time payment percentage?
Which of the following best describes your company’s industry?
What’s your annual invoice volume?
What percentage of invoice processing is carried out in a central location?
Please go back and completely fill out the questionnaire.
Tungsten Network, in partnership with The Hackett Group, has compared your information to top quartile AP teams and we’re pleased to provide the following results:
To view the full report, please fill out the form below.