On the Accounts Payable and Procurement side of the house, accounting teams are continually bombarded with requests from suppliers. Onboarding new vendors, updating billing addresses, obtaining tax forms, providing invoice status, and other vendor management tasks consume time daily, increasing the burden on AP teams that are already stretched thin.
For example, in a fifty-person AP / Procurement team, more than 25,000 hours each year are spent on manual tasks, ultimately costing the company more than $1.4M annually.
With automation, routine AP requests are reduced by 70%-75% while maintaining an exceptional experience for a company’s suppliers and vendors. Organizations have improved team productivity by 60%+ and a workload reduction of more than 75%. Vendor risk and fraud are reduced by more than half, and compliance and tax record collection activities realize significant improvements.