If You Can’t Measure It, You Can’t Manage It
There is an old saying, “If you can’t measure it, you can’t manage it”. This adage rings quite true as it relates to an organization’s cash flow. No one is more acutely aware of this than the accounts payable department. Every dollar leaving an organization touches AP in some way. So why is it that they never receive the proper attention when it comes to analytic tools?
No Ivory Tower Needed
Analysis does not need to be performed in an ivory tower by data miners. We know that all levels of an organization –the AP manager, controller, the CFO and even suppliers–benefit from better analysis. Fortunately, today’s easy-to-use tools make analysis accessible to everyone.
A well-rounded AP automation solution includes a spectrum of analytic capability, from summary level dashboards for key metric reporting, all the way up to robust, interactive dashboards that track key processing and performance metrics. AP teams can easily format these charts to match metrics, filter by dates, and quickly export data to other applications for additional analysis and formal presentations.
So, what are the benefits? Now, the AP team can easily identify suppliers with special payment terms and never miss an early payment discount. The increased visibility into the full process makes it easier to identify and address process bottlenecks, especially around the busiest times of year. Analytics can also help the team to evaluate user workloads, checking team member processing performance, and identify opportunities for additional staff training.
It’s easier than ever to empower your AP department with actionable insight, delivered in context and in real time. To learn more about some of the advanced KPIs available in AP Express, click here.
Kelsey Ramaley is an Account Manager at Nivo1