Companies realize the importance of streamlining their document processing through the use of exceptions identification and handling and are making plans to address those issues, based on a 2014 Finance Executive Survey conducted by IOFM.
According to that survey, “Electronic Approval and Exceptions Workflow” was the most common response to the question “Which of the following capabilities/tools does your organization plan to deploy within the next year?” That answer was chosen by 60.92 percent of respondents. Other common answers included “Image Repository for Invoice Storage Retrieval” (44.83 percent) and “Electronic Payments” (49.43 percent).
An automated workflow solution can significantly streamline a company’s invoice processing, accelerating cycle times, improve visibility and compliance and decrease or eliminate the chance of lost or misplaced invoices. With almost half of the companies surveyed planning to use electronic payments, the shift from paper-driven processes is apparent, reflecting national trends as companies work to reduce costs, increase access and speed processing turnaround, freeing their employees to focus instead on core competencies.