Last year, International Accounts Payable Professionals and Brainware prepared a Global Trends in Automated Data Capture in AP study in order to gauge how accounting professionals across six continents automated their operations.
Mark Brousseau, vice president of research and business development for IAPP, International Accounts Receivable Professionals and The Association for Work Process Improvement, said the study shows that automated data capture can help minimize invoice processing costs, speed up turnaround, and reduce errors such as duplicate payments.
Almost two-thirds of respondents reported that the deployment of automated data capture resulted in fewer errors. Additionally, across national borders, accounts payable departments are facing more stringent audit requirements. More than 80 percent found that the technology facilitated faster invoice processing cycle times.
"This report clearly demonstrates that automated data capture enables best-in-class efficiency in AP," said Charles Kaplan, vice president of marketing at Brainware.
APQC and IAPP recently conducted a separate survey showing that executives are changing the way they approach accounts payable process improvement. The authors of the report noted that automation could help reduce cycle times and boost productivity.