Key performance indicators (KPIs) mean a lot of things to a lot of organizations. The same way pilots monitor flight instruments or coaches track statistics, business leaders must also rely on metrics to guide their decisions and measure their success — especially when it concerns accounts payable (AP).
The AP department, once viewed as a peripheral backoffice function, is now one of the central drivers of business profitability. As AP’s importance expands, so too has the spotlight on its people and processes. KPIs are a simple and effective way to make sure each touch point is optimized and every user is held accountable.
The problem is, AP decision-makers don’t always know if they’re tracking the right KPIs, and often lack the tools to do so effectively. For example, a 2015 IOFM study found that only 15% of businesses track their metrics using technology like dashboards that display key data.
This eBook is for anyone wanting their AP department to realize its full potential. As we will learn, KPIs, when used correctly, are the transformative tool to do it.