5 Myths Stifling Adoption of Supplier Self-Service Tools for Invoice Automation
Blog: Kofax Journal
While the self-service model is readily adopted by customer-facing industries, other organizations seem reluctant to make this transition. Customer objections surrounding security, cost of legacy system upgrades and compliance issues, quickly push aside the adoption of the self-service model. Except the financial benefit makes for an incredibly compelling argument. Automated AP organizations have 39% lower cost per invoice than non-automated organizations (the difference between $4.95 vs $8.12 per invoice). These seemingly small savings amplify over the course of 10,000, 50,000 and 100,000 invoices per year, translating in $31,700, $158,500 and $317,000 in savings.
So what is holding you back? If it’s building a case for supplier portals, we have some objection handling practices we want to share with you.
The bottom line: View the process from the point of view of the suppler, not the buyer. Eliminate unneeded steps, forms and approvals.
The bottom line: Enable notifications for sensitive transactions and require multiple digital signatures for higher-risk transactions.
The bottom line: Encourage local and regional suppliers to use supplier portals by helping them understand the benefits, including faster payment and real-time visibility on payment status.
The bottom line: Evaluate future technology roadmaps for opportunities to other supplier self-service tools. Meanwhile, using a subscription model that leverages cloud/SaaS may require less upfront investment while a solution is piloted.
The bottom line: Break out your inquiry support team from your core invoice processing team to reduce inquiry processing costs as a percent of spend.
Learn more about building your self-service supplier portal. Download your copy of 5 Myths Stifling the Adoption of Supplier Self-Service Tools white paper to learn how you can improve AP efficiency.
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