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For several years, IT gurus have been predicting the imminent arrival of the paperless office. It hasn’t happened yet. Most organizations are awash in a sea of paper, struggling to keep their heads above water. Paper still drives, or more accurately, bogs down many business processes—one of which is Accounts Payable (A/P).
Paper is a major source of A/P inefficiency. The vast majority of companies have not implemented fully electronic supply chain communications, nor will they in the immediate future. The receipt, shuffling, filing, retrieving, copying and processing of paper takes a tremendous bite out of a company’s profitability. Estimates of the average cost of processing a paper invoice range to more than $8.00—and that assumes that everything goes perfectly. Industry analysts suggest that, when things go wrong, the average cost to search for a misfiled document is $120.
Because paper is the problem, eliminating paper is the solution. This paper examines these issues in depth, suggests solutions, and provides case studies illustrating how PPM has been applied in real companies.