When 99.7% of non-PO invoices are automatically routed to the correct approver—without anyone intervening—it’s impressive. When total processing time for PO invoices is reduced to a single day, it’s mind blowing. But that’s just another day on the job for Medius.
In the Medius Benchmark Report you’ll see how to:
The KPIs will be different if you’re handling a PO (purchase order) based invoice or a non-PO (expense) invoice.
Want a second opinion? Go ahead and compare our customer benchmark data with other industry standards. Ardent Partners' annual state of ePayables report dives into similar KPIs. They report the best in class Touchless Processing Rate is 48.9% and best in class Total Processing Time is 3.4 days.
99.7%
Touchless Capture Rate
94.9%
Touchless Processing Rate
1 Day
Total Processing Time
99.8%
Touchless Capture Rate
99.7%
Automatic Approval Routing
1 Day
Average Approval time
2.2 Days
Total Processing time
Late payments not only look bad, they are bad. So how do you know when to pay—especially when cashflow, supplier relationships, and your reputation are on the line?
Total invoice processing cycle time measures the number of days it takes from when a PO invoice or a non-PO invoice is entered in the AP system until it is finally approved and sent to the ERP system ready for payment.
A PO invoice is pre-approved since the purchase, supplier, and amount was authorized as part of the purchase order process. Traditionally, the PO invoice process flow has many tasks as invoice data is often compared and matched to one or several purchase orders and purchase order lines.
With Medius, you can eliminate matching errors, discrepancies and time-consuming reviews by accurately capturing information from invoice headers and line-items then automatically matching them against single or multiple POs and receivables.
Global spare parts specialist TVH has appointed dedicated AP resources to actively identify suppliers where touchless capture can be turned on, allowing the AP system to automatically extract the invoice data without human intervention. The Medius solution makes this process easy by indicating when all invoice fields have been captured correctly and providing a confidence percentage level for automated capture.
"Usually we only need to run three invoices from a new supplier for the system to learn the data format and indicate a high enough confidence level that we can turn on automatic touchless capture."
Renate Mortier
Finance & Support Manager, TVH
Medius’s capture capabilities allow Chadwell Supply to see just how many invoices are touchless, and how much time they are saving with the solution. Thanks to the Medius patent pending invoice capture tool, Chadwell Supply was able to determine they went from 20% touchless to 89.4% since investing in Medius.
A non-PO invoice does not have an associated purchase order and needs to go through an invoice approval process within the buying organization with some level of manual review. If invoice details are scarce, coding and distributing the invoice to the appropriate authorizer can be a tricky and lengthy operation.
Efficiency in the non-PO invoice process is all about driving speed and automation by removing manual touchpoints.
The AP team at Duni, a global manufacturer of innovative table top concepts, works proactively to set up business rules and create system logic in order ti increase automation of the AP process.
"The flexible configuration in Medius AP Automation allows us to optimize settings and drive higher automation rates. And since we get access to process KPIs within the tool we can easily measure and track the results of our optimization efforts."
Łukasz Gauza
AP Team Leader, Duni EFF
"What gets measured, gets done! We track handling time per user and present the results to our management team so that everyone understands how a lengthy process affects the entire organization. Thanks to Medius AP Automation, there is no longer any excuse for late approvals."
Niklas Johansson
CFO, Rejmes Personvagnar AB
Rejmes Bil is a Swedish Volvo car dealer with a strong focus on customer satisfaction, process efficiency and continuous improvement in all parts of the company.
AP professionals know that the invoice-to-pay process can be complex, especially when dealing with a blend of types of invoices, business logistics and a shifting supply chain.
Dive deeper into the invoice-to-pay process in our glossary.
Download the full report to learn more details on every step of the accounts payable process. Plus, you’ll get tips on how to improve performance on each of the KPIs and learn the business benefits you can expect with an optimized process.
Check out these other resources
to see how you stack up.
