Need some guidance on making informed decisions about procure-to-pay automation? Not to worry—we’ve compiled these important P2P statistics that you should know if you plan to achieve a cross-departmental buy-in on an existing project, or if you’re considering a P2P software solution initiative. So, did you know the following?
Supplier self services could maximize AP efficiency.
A typical AP department can expect inquiries on 15–20% of their invoices. And each average inquiry takes 5–20 minutes. Think of the time wasted on invoice and payment inquiries, especially since 60% of those are from invoices that are already paid. Supplier portals can eliminate up to 80% of those inbound inquiries.
The majority of suppliers prefer being paid electronically.
It’s true. 92% of suppliers actually want to be paid electronically. So why is it that 67% of all corporate payments are still paid via check? Companies can save up to $5 per payment, just by switching to electronic payments.
These statistics, along with the many more in this slideshow, could be immensely helpful when building a business case to eliminate inefficiencies in your business, strengthen relationships with suppliers, and increase savings. If you didn’t before, now you know. It’s time to put these statistics to good use!