About Metrics & Benchmarking

Determining the cost to produce an invoice (CPI) can present challenges for AP & P2P professionals who are seeking to benchmark. What items and functions get counted in the calculations? And does it matter whether the work is done manually or electronically? These factors can dramatically impact the CPI result.

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Another factor that may influence the calculation is the type of work each AP professional is required to do. For example, is—or s
By Brian Rosenberg

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Many procure to pay operations use metrics to measure the success of their operations, but not all of these organizations fully leverage this information to drive process improvement and show tangible results from using those measurements.  Achieving success in Procure to Pay operations involves not only measuring the right information, but also setting goals and targets and using process improvement techniques to constantly i

Metrics are vital for effective performance management in accounts payable. But determining which metrics to use and how often to track them can be overwhelming. To uncover a successful approach for applying AP metrics, the AP & P2P Network interviewed Chris Dritsas, Accounts Payable Manager for the North & South America Finance Service Center of...… Read More

It is tough enough for AP to stay on top of the problems created by vendors who send incorrect invoices, send too many copies of the same invoice, or send invoices to recipients all over the organization (to everyone except AP). But the challenges don't end there. There are many issues that are created right...… Read More

By Chris Doxey Benchmarking is a tool for assessing and comparing performance in order to achieve continuous improvement. It is part of a total quality management process, and includes the following key elements: Focuses on processes rather than outcomes; Encourages information sharing; and Implies a willingness to change and a desire to implement best practices....… Read More

Responding to basic supplier inquiries, such as payment status and answering suppliers’ calls and e-mails, can take as much as 24 percent of a staff member’s time, reports invoice.info.com in its report, Vendor Self-Service Portals: A Win-Win for Both AP Departments and Vendors. Implementing technology that can replace or minimize vendor inquiries can cut costs...… Read More

 

By Pam Miller, APMD

A metrics program provides valuable information to help manage your AP department effectively. The challenge lies in determining how many metrics should be kept—and which ones. This review will help you to launch a metrics program, validate what you are currently doing, or get your existing program back on track.

Measuring 'Inputs' and 'Outputs'
These benchmarks are simply counts of how many invoices arrived and how many p




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Organizations may differ regarding what is most important in achieving AP's strategic objectives, but the methods they use to determine their metrics and key performance indicators (KPIs) are similar. "Metrics identify the current status of performance in the AP operation. They help set improvement goals and track progress toward those goals," says Bob Sefton, Controller,...… Read More

Benchmarking against past performance not only measures improvement, but can also provide results that are reliable and meaningful. It offers a tool by which to measure and strive for continuous improvement.

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There is probably no better way to compare your performance against that of another organization, or against your own historical performance. In fact, 50 percent of respondents in a recent IOFM survey cited benchmarking as "one of the best i

The three-person AP department supporting the four main hospitals at Jones Lang Lasalle at Beaumont Health System in Royal Oak, MI was experiencing multiple problems with invoice processing and payments. They decided to benchmark the challenges and assess what steps would relieve the problems.

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AP decided to implement specific performance metrics, which would allow the department to track performance, determine where glitches were occurring, and

Benchmarks, best practices, and the keys to compliance — all at your fingertips 24/7.

Members of the AP & P2P Network have anytime access to hundreds of tools, templates, policies, checklists and calculators for every area of AP & P2P — plus exclusive benchmarking metrics, critical compliance updates and much more. In short, they’ve discovered that membership keeps them working smarter, not harder.

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