The Know List, the IT solutions portal for the legal community is featuring an article from Palette's UK head, Lucy Beck, on how automation of AP processes can have a bigger impact on an organisation’s bottom line compared with outsourcing those processes.
The issue is that when companies outsource the handling of accounts, they can risk missing out on the opportunity to establish where potential areas of inefficiency may lie. If they start with an inefficient process, it will cost money irrespective of whether it is handled internally or outsourced. So without an insight into where losses are being incurred, it’s difficult to create and hold onto real financial savings.
In the article, Lucy identifies three key areas of potential inefficiency that organisations should investigate. It’s well worth a read: visit http://www.theknowlist.com/2011/06/automation-of-payables-processing-reaps-higher-pay-off-than-outsourcing/