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THE BUXE Company
Metrics that Matter Identifying KPIs & tracking progress toward - - PowerPoint PPT Presentation
Metrics that Matter Identifying KPIs & tracking progress toward - - PowerPoint PPT Presentation
LIVE WEBINAR Metrics that Matter Identifying KPIs & tracking progress toward extraordinary AP THE BUXE Company You cant MANAGE what you dont MEASURE THE BUXE Company Why do we need metrics? Monitor progress Identify areas for
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THE BUXE Company
You can’t MANAGE what you don’t MEASURE
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THE BUXE Company
Why do we need metrics?
Monitor progress Identify areas for improvement Reveal efficiencies Track team performance Support the business case for AP automation
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THE BUXE Company
Which is your most important performance metric?
- 1. Percentage of invoices automated
- 2. Cost per full time employee
- 3. Invoice processing time
- 4. Cost to process an invoice
- 5. Other
POLL QUESTION
15% 19% 21% 16% 28%
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THE BUXE Company
Five steps to an efficient metrics system
Define success SMART goals Align your goals with strategic objectives Prioritize your goals Get team buy-in
Specific Measurable Attainable Relevant Timely
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THE BUXE Company
What percentage of invoices are currently automated in your AP department?
- 1. Less than 10%
- 2. 10% - 29%
- 3. 30% - 49%
- 4. 50% - 80%
- 5. More than 80%
POLL QUESTION
14% 30% 16% 35% 14%
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THE BUXE Company
47% 48% 40%
Which KPIs should I start with?
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THE BUXE Company
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THE BUXE Company
COST
per invoice
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THE BUXE Company
STEP ROLE CURRENT TIME IN MINUTES COST IN TIME TIME IN MINUTES WITH GOBY COST IN TIME WITH GOBY Receive, open envelope, scan low-level 10 $5.00 1 $0.50 Manual Coding mid-level 5 $3.33
- Review of invoices for quality
mid-level 5 $3.33 1 $0.67 Import of data into ERP mid-level 5 $3.34 1 $0.67 Total Cost Now: $15.00 Total Cost with Goby: $1.84 Total Monthly Cost in time at 5,000 Invoices with Goby: $9,200 Goby Software Fees of $2.10/invoice* at 5,000 Invoices: $10,500 Total Monthly Cost in Time at 5,000 invoices: $75,000 Total Monthly Cost in Time at 5,000 invoices + Goby Fees: $19,700
Goby Fees: $2.10/invoice* // Implementation: $39,250
Total anticipated savings per month: $55,300
$663,600
Total anticipated savings per year:
The ROI Breakdown
14,200,000 carbon film resistors
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THE BUXE Company
Cost per invoice
$13.09 $8.33 $7.37 $5.56 $4.02 Low Limited Moderate Significant High
Share of e-invoices received
requiring no manual intervention
Low <10% Limited 10%-29% Moderate 30%-49% Significant 50%-80% High >80%
Level of Automation
*IOFM 2019 Benchmarking study
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THE BUXE Company
Invoice
processing
TIME
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THE BUXE Company
Nice
ACME 2880 Sand Fork Road Millersburg, IN 60606 ACME location #17369 99 S. Platinum Dr. Beverly Hills, CA 90201
Manually digitized Manually coded Manually approved
There’s a better way to process an inv nvoice
Sent via postal service Received at mail room 1 2 3 4 5
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THE BUXE Company
Invoices
per FTE
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THE BUXE Company
Invoices per FTE
10,763 13,912 14,224 17,723 19,403 Low Limited Moderate Significant High
Share of e-invoices received
requiring no manual intervention
Low <10% Limited 10%-29% Moderate 30%-49% Significant 50%-80% High >80%
Level of Automation
*IOFM 2019 Benchmarking study
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THE BUXE Company
On-time
PAYMENTS
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THE BUXE Company
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THE BUXE Company
PERCENTAGE
- f straight through processing (STP)
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THE BUXE Company
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THE BUXE Company
Duplicate
INVOICES
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THE BUXE Company
PERCENTAGE
- f early pay
discounts
captured
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THE BUXE Company
What are your department’s biggest challenges?
- 1. Reducing manual processes
- 2. Mitigating risks
- 3. Increasing transparency
- 4. Improving data accuracy
- 5. Unsure / Other
POLL QUESTION
22% 12% 20% 50% 23%
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THE BUXE Company
Rules of the road
Have a system in place for tracking KPIs Ensure consistency Teamwork makes the team work Hold staff accountable Develop benchmarks Celebrate!
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THE BUXE Company
How many invoices do you process per month?
- 1. Less than 500
- 2. 500 - 4,999
- 3. 5,000 - 14,999
- 4. 15,000 - 24,999
- 5. 25,000 or more
POLL QUESTION
45% 24% 14% 5% 13%
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THE BUXE Company
Leveraging tech to track KPIs
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THE BUXE Company
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THE BUXE Company
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THE BUXE Company
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THE BUXE Company
QUESTIONS?
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THE BUXE Company
Helee Lev Chief Revenue Officer
hlev@gobyinc.com 847.208.3876 www.linkedin.com/in/helee-h-lev
St Stay in in touch uch!
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Thank you! Thank you!
Shameless plug: #AutomateThis