For better or worse, in our profession or in our personal lives, we all like to compare ourselves to others. We do this sometimes as a validation that we’re on the right track, and other times as a means of motivating ourselves to do better.
In the business world, this kind of benchmarking can be beneficial. You have to know what your competitors are doing, and how you stack up against them.
You have to know where you stand.
If you have ever wondered how your AP department compares with others out there, you’re in luck. The new report from Ardent Partners, entitled “ePayables 2015: Higher Ground,” has an entire chapter for you. This chapter on “Best-in-Class Performance” illuminates the strategies and approaches used by these best-in-class AP departments to “reach higher ground.”
For the report, Ardent Partners surveyed 175 accounts payable professionals, as well as procurement and finance executives. Of those surveyed, Ardent Partners defines best-in-class performance as the “20% of enterprises with the lowest average invoice processing costs and shortest average invoice process cycle times.”
In a later post this month, will take a closer look at the best practices that separate the best-in-class from the rest-in-class.