Aberdeen Benchmark Report Shows Payables Automation Can Deliver 91% Cost Savings.FAIRFAX, Va. -- Razorsight Corporation, a market leading provider of on-demand financial business intelligence and spend analytics software, today announced its participation in The E-Payables Benchmark Report: Advancing Accounts Payable Automation from the Aberdeen Group Aberdeen Group is a provider of business-related research services. It has its headquarters in Boston, Massachusetts and belongs to the Harte-Hanks group. Founded in 1988, Aberdeen's research is used by over 2. . The research findings reveal that automation can reduce invoice-processing costs by up to 91 percent. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the report, despite clear and compelling cost benefits from automating processes, paper invoices persist in Verb 1. persist in - do something repeatedly and showing no intention to stop; "We continued our research into the cause of the illness"; "The landlord persists in asking us to move" continue usage 80% of the time. The research effort, which documented the insights of nearly 320 enterprises, shows that companies who automate their A/P A/P Airport A/P Accounts Payable A/P Advanced Placement (education) A/P Anterior/Posterior A/P Active/Passive A/P Assessment & Plan (medical) A/P Automatic Pilot A/P Aircrew Personnel processes cite up to 91% lower invoice-processing costs. The study also shows that A/P staff personnel are entrenched en·trench also in·trench v. en·trenched, en·trench·ing, en·trench·es v.tr. 1. To provide with a trench, especially for the purpose of fortifying or defending. 2. at the transaction level and spend more than one-third of their time responding to invoice inquiries. The findings reveal that Best in Class enterprises are 600% more likely to employ a holistic approach holistic approach A term used in alternative health for a philosophical approach to health care, in which the entire Pt is evaluated and treated. See Alternative medicine, Holistic medicine. to A/P automation and have distinct performance advantages, such as: * 46% shorter process cycle time * 12% fewer late payments * 30% less time responding to inquiries Aberdeen recommends that enterprises looking to achieve these Best in Class benefits should establish a linkage between A/P goals and objectives and the broader goals of the finance and procurement groups, as well as work to develop disbursement DISBURSEMENT. Literally, to take money out of a purse. Figuratively, to pay out money; to expend money; and sometimes it signifies to advance money. 2. strategies that optimize working capital. "In terms of process efficiency, the average Accounts Payable department now lags behind your local DMV DMV abbr. Department of Motor Vehicles ," says Andrew Bartolini, Research Director of Aberdeen's Global Supply Management research group. "Lack of A/P automation clearly erodes your bottom-line and translates into lost opportunities across other parts of the enterprise, including treasury and procurement." "Razorsight continues to transform the corporate payables team into a strategic and performance driven function that creates measurable ROI (Return On Investment) The monetary benefits derived from having spent money on developing or revising a system. In the IT world, there are more ways to compute ROI than Carter has liver pills (and for those of you who never heard of that expression, it means a lot). for our customers and impressive spend analytics for senior finance execs," according to Razorsight CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Charlie Thomas Charlie Thomas (born 7 April 1937 in Lynchburg, Virginia) is an American rhythm and blues singer best known for his work with The Drifters. Thomas was performing with The Five Crowns at the Apollo Theater in 1958 when George Treadwell fired his group, called The Drifters. . "The Aberdeen E-Payables Benchmark Report validates Razorsight's strong endorsement of financial automation and the high value this approach delivers." To download a complimentary copy of the report, click on this link: http://www.aberdeen.com/includes/asp/sponsored_registration.asp?ci= /launch/report/benchmark/3940_RA_E-Payables.asp&spid=30410. (Due to its length, this URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) About Aberdeen Group, a Harte-Hanks Company Aberdeen is a leading provider of fact-based research and market intelligence that delivers demonstrable results. Having benchmarked more than 30,000 companies in the past two years, Aberdeen is uniquely positioned to educate users to action: driving market awareness, creating demand, enabling sales, and delivering meaningful return-on-investment analysis. As the trusted advisor to the global technology markets, corporations turn to Aberdeen[TM] for insights that drive decisions. As a Harte-Hanks Company, Aberdeen plays a key role of putting content in context for the global direct and targeted marketing company. Aberdeen's analytical and independent view of the "customer optimization" process of Harte-Hanks (Information - Opportunity - Insight - Engagement - Interaction) extends the client value and accentuates the strategic role Harte-Hanks brings to the market. For additional information, visit Aberdeen http://www.aberdeen.com or call (617) 723-7890, or to learn more about Harte-Hanks, call (800) 456-9748 or go to http://www.harte-hanks.com. About Razorsight Razorsight (www.razorsight.com) is the market leader in on-demand business intelligence for finance executives, providing rich spend analytics and automated invoice processing. Razorsight's Software-as-a-Service (SaaS) provides a new level of visibility into corporate expenditures through advanced technology which automates the manual process of receiving, validating and auditing invoices in any format. Razorsight captures detailed data from invoices, contracts and other sources of information to provide business intelligence that significantly reduces operating costs and enhances Sarbanes-Oxley compliance. Razorsight's web-based software is easy to install, requires no capital investment, is highly scalable and proven to save money. Razorsight's solution is installed at numerous Fortune 500 companies. Razorsight is based in Fairfax, VA and has offices in St. Louis, MO and Bangalore, India. |
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