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The adage 'you can't improve what you don't measure' has been used across many business functions. Often, the accounts payable function is not included as it is difficult to measure with any precision. However, any company that wants its accounts payable department to improve must be able to measure its performance against its peers.
This course will examine the reasons for benchmarking in accounts payable, how to get started, and how to use the results to drive efficiency in your accounts payable process. Some common metrics will be discussed and evaluated. Data from recent AP Now surveys on invoices and payments will be included to demonstrate how your organization measures up to others. This course also covers the common mistakes companies make when benchmarking their accounts payable process.
Upon successful completion of this course, participants will be able to:
- Determine how your organization measures up against others and where it needs to improve
- Identify an effective benchmarking program regardless of your company size
- Identify how to meet the challenges involved with benchmarking
- List those items that realistically can and should be measured
- Define the pitfalls you need to avoid when benchmarking in order to have an effective process
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