Medius launches self-service tools for AP automation optimization
29 June, 2017
As a leading provider of AP invoice automation solutions in the cloud, Medius continuously supports customers in their automation optimization efforts with the end goal to reach fully automated – touchless – invoice processing.
Based on the big data generated by millions of transactions within the MediusFlow cloud solution, we are now launching a set of resources and tools to help AP organizations improve their invoice process automation level.
Start here: the automation toolbox
Medius’ white paper The Modern AP Manager’s Automation Toolbox includes the top five key performance indicators (KPIs) that accounts payable professionals need to measure and monitor in order to increase automation in the AP process and achieve fully automated – touchless – invoice processing.
The white paper discusses:
- The most important AP process KPIs
- How to measure and monitor these KPIs on a regular basis
- Why and how to use relevant benchmarks to compare performance with industry peers
- How to get started improving underperforming KPIs
The white paper is available to download here.
Take it further: the benchmark calculator
As previously announced, Medius can present real-time benchmark data for the most important accounts payable KPIs, helping companies compare their performance with their peers to identify areas of improvement.
Today, Medius takes this one step further by allowing AP professionals to access benchmarking data adjusted to the specifics of their organization, using the AP Efficiency Benchmark Calculator.
The calculator presents benchmarks for the most important AP efficiency KPIs based on the customer’s industry, ERP system and annual invoice volume.
“The AP Efficiency Benchmark Calculator is unique in the way it presents benchmarks that are truly relevant for each and every customer”, says Daniel Saraste, VP Product Management at Medius. “With relevant and specific benchmarks at hand, AP professionals can now easily compare their current performance with their industry peers to determine where there are areas for improvement and set achievable goals for future automation efforts”, concludes Daniel Saraste.
The AP Efficiency Benchmark Calculator is available on the mediusflow.com website here.
Make it happen: successful optimization projects
Thanks to the analytics tools included in the MediusFlow solution, customers can closely monitor their current AP process performance in real-time. In addition, Medius’ Customer Success team is available to share expert advice and training for customers who need help getting their optimization efforts off the ground.
This type of training, aimed at increasing the level of expertise within the customer organization and introducing a framework for continuous improvements, has really paid off. MediusFlow customers have seen tremendous lifts in automation levels after just a few hours of workshop with one of Medius’ AP automation experts:
- A large retail chain processing 300K invoices per year went from 60% touchless invoice processing to 88% in less than 3 months after the workshop with the Medius Customer Success team.
- A global provider of chemical fluids processing 50K invoices per year had seen their touchless ratio stay flat around the 45% for a long period of time. After a remote training session with the Medius Customer Success representative they experienced a significant uplift to 59%.
- Another retailer processing 10K invoices per year invested just a few hours in a workshop with Medius’ Customer Success team enabling a lift from 30% to the impressive 80% touchless invoice processing, achieved in only 2 months.
“Moving forward, we will continue to focus our product innovations on features and functionality that will enable further automation for our customers,” says Daniel Saraste, VP Product Management at Medius. “In fact, during this summer we are piloting new functionality with a set of customers who have already experienced significant leaps in automation levels without changing anything in their internal processes. That’s what I call true automation,” concludes Daniel Saraste.
For more information, please contact:
- Daniel Saraste, VP Product Management, Medius AB, email@example.com
- Fredrik André, VP Global Marketing, Medius AB, +46 (0)709 23 93 81, firstname.lastname@example.org
Medius is a leading provider of AP invoice automation solutions in the Cloud. The MediusFlow and Ascendo solutions automate and simplify the entire P2P process. The company has 2,000 customers worldwide processing 52 million invoices annually, with high density in retail, manufacturing and services. Founded in 2001, Medius now has 220 employees working out of offices in Sweden (HQ), Norway, Denmark, Poland, the Netherlands, the United States, Malaysia and Australia.