Electronic Invoices and Accounts Payable
Most companies desire to have automated information exchange with their suppliers. This is especially true in the area of paying supplier invoices. Besides saving on administrative labor, companies also have opportunities to take advantage of supplier discounts and proactively manage working capital. There are four stages to Accounts Payable (AP) automation: manual, tactical, collaborative, and working capital.
Manual Solution: centralized, manually process and approve invoices
Tactical Solution: OCR, document and approval workflow, online reporting
Collaborative Solution: Outsource, automated matching, online dispute / resolution
Working Capital Solution: 100% electronic invoice (EDI / information exchange), supplier self-service, integrated purchase-to-pay processing
See SDCExec.com article, Emerging Payment and Discount Paradigms in the Supply Chain for more information
Tags: EDI, Integration, Procurement, suppliers