Medius takes accounts payable automation to the next level with 90+% touchless invoice processing
30 May 2017
Medius, a leading provider of cloud-based AP invoice automation solutions, has previously announced the ability to present benchmarks for the most important accounts payable process KPIs.
Today, we present significant success rates and real-life accounts of our customers' achievements that resulted from the implementation of Medius XI and the optimization of the accounts payable process using our tools for performance analytics and benchmarks.
Out-performing industry averages
“Our customers using the Cloud-based solution Medius XI clearly out-perform industry averages when it comes to accounts payable automation rates,” says Per Åkerberg, CEO at Medius. “Medius really helps these organizations take their invoice processing to the next level of a modern, fully automated – touchless – process resulting in important efficiency gains and cost reductions.”
Medius customers achieve an average touchless invoice processing ratio of 69%, with leaders hitting well above 90%. According to research from industry analyst Ardent Partners*, the corresponding rate for the industry average is 24.5%, with “best-in-class” organizations reaching 57.1% touchless processing. Medius users also hit high on other important KPIs such as invoice processing lead time and automated invoice distribution.
Cloud and big data enable true benchmarking
Since Medius is a Cloud-based, standardized solution, Medius is able to aggregate anonymous performance data from hundreds of organizations using the exact same process to track the most important accounts payable KPIs. These are presented in real-time benchmarks helping companies compare their performance with their peers in order to identify areas of improvement.
“Thanks to the power of a true Cloud solution we can not only provide a highly modern and sophisticated AP invoice automation solution, says Daniel Saraste, VP of Products at Medius. “It also enables us to offer our customers powerful analytics and optimization functionality that, together with our benchmarks, set the ground for next-level automation with truly touchless invoice processing".
Real-life AP automation success stories
Our Medius customers are our greatest source of inspiration when it comes to setting the bar for the success of an implementation. Some examples of outstanding AP automation projects include:
- The global fashion house Marc Jacobs went live with AP automation in just three weeks, achieved 93% automated coding and distribution of invoices and cut invoice processing lead time by 75%.
- The Norwegian furniture retailer Bohus went from 40% to 88% touchless invoice processing when implementing MediusFlow XI and estimates savings of NOK 5 million ($600K) annually.
- Nordic paint industry professional Tikkurila has achieved touchless rates of more than 90% less than one year after implementing MediusFlow.
For more information, please contact:
- Jim Lucier, CEO, Medius AB, firstname.lastname@example.org
- Kim Albrecht, Chief Marketing Officer email@example.com
Medius is a leading provider of AP invoice automation solutions in the Cloud. The Medius and MediusGo 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.
*Source: Ardent Partners: ePayables 2016: Eyes on the Prize