The Accounts Payable (AP) function is evolving yet still faced with the same challenges around lengthy invoice cycles, slow invoice processing and mixed invoice formats.
In this update to the 2023 Ardent Partners research report, we have surveyed global executives to identify the Accounts Payable metrics that matter and why AP is emerging as a strategic player, poised to enhance its role in supporting finance executives and optimizing financial operations.
Key findings reveal that 49% of Accounts Payable teams still struggle with lengthy invoice cycles. And 47% of AP and finance leaders reported the prevalence of invoice exceptions adds complexity and inefficiency to operations.
Ardent Partners' report, “AP Metrics that Matter in 2024,” delves into the evolving landscape of AP and what KPI metrics should be tracked and considered to become best-in-class.
Learn how your organization can reach this top-tier operational state and achieve results such as:
- 79.5% lower invoice processing costs,
- 81% faster invoice processing times,
- 60% fewer paper-based invoices, and
- a 2.15x higher rate of "touchless" invoices.
