This is likely a question CFOs and finance leaders ask themselves as they look for ways to improve overall business performance. Seeking answers to this question can be a challenge however! For instance what does productivity mean? What are key productivity related work activities and outcomes should you measure?
Fortunately, the PRGX Productivity Index (recently updated for 2012) is a great resource to help you answer these questions. This report is issued bi-annually in partnership with the Institute of Financial Operations and APQC.
APQC is the leading source anywhere for best practices and performance benchmarks. With one of the world’s largest databases—based on more than 8,500 benchmarking and best-practice studies and growing—our members have access to data they can’t get anywhere else. We've spent years perfecting a rigorous research process and represent a track record of innovation in developing models, tools, and frameworks to help members improve.
Productivity is about two things: being effective and efficient. Efficient is how fast your staff can do something and effective is how good they are at doing it. It's about how AP functional tasks get done fast, at the lowest cost while producing the desired result (report, payment, resolution etc.).
The PRGX Productivity Index is a benchmarking report that uses the following key performance indicators (KPIs) for Accounts Payable productivity. Companies are surveyed regularly in order to find out how productive they are and what they are doing in order to be more productive. Below is the chart from the report that shows you what KPIs are measured and how they are weighted.
Yakidoo is helping organizations capture and digitize paper invoices as well as invoices received in other formats including those received via email or as PDFs, faxes and images. Automating this function alone can help companies eliminate costly inefficiencies that exist with manual keying and data entry.
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Alfredo De Vanna is CTO of Yakidoo. He has over 10 years of international experience deploying over 80 critical information technology and enterprise content management systems. He is fluent in English and Spanish.