Recently, we were happy to learn that TRANSFORMATION MANAGEMENT CONSULTING LLC, an independent research and consulting firm specializing in the payables industry; conducted a study comparing all the major Accounts Payable automation solutions available. It specifically evaluated the affordability, functionality, number and quality of offerings; as well as the overall automation potential of each specific solution.
Out of the eight providers evaluated, IPAYABLES scored top marks in several categories including affordability, functionality and was one of only two solutions that offer dynamic discounting; a key discount-capture component for businesses who process high invoice volumes. The purpose of the study and subsequent white paper was “to provide insight relative to the spectrum of Accounts Payable automation solutions available and to draw some correlations between the level of automation achievable and the affordability of that solution relative to other platforms providing a comparable level of automation potential,” said the author.
Transformation Management Consulting broke down the solution providers into two different categories, those who only support the “front-end” capture, matching, exception management and routing of the invoices; and those who support a full electronic invoice presentment and payment (EIPP) suite. Of those that did, iPayables one of two rated as “very affordable.”
Another noteworthy aspect was in the area of workflow where the author highlighted our approach mentioning that “iPayables allows for simultaneous workflow streams as necessary to support multiple business hierarchies. For example, an individual could have certain permissions and authorization capabilities within workflow for normal invoice review and differing permissions and authorization levels within another workflow for a particular project or capital expenditure event.”
Although some of our direct competitors such as Ariba, and Basware might be larger companies, neither of them according to this study, have both the combined affordability, functionality, workflow and dynamic discount offerings that are standard with an iPayables implementation. The study further validates why iPayables has been able to consistently win major accounts against those lager EIPP providers.
“Decision making concerning what EIPP provider to choose, can often be a confusing one,” said our CEO Ken Virgin.” The study gives clarity as to who the upper-echelon providers are and what functionalities are available to prospective clients.” A copy of the study, “EXPLORING THE SPECTRUM OF ACCOUNTS PAYABLE SOLUTIONS” can be viewed by going to HTTP://PAGES.IPAYABLES.COM/WHITEPAPERS1.HTML