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According to PayStream Advisors, Inc. 2013 survey, an increasing number of higher education institutions are deploying accounts payable automation. These institutions have been forced to cut back on expenses and narrowly scrutinize invoice processing expenses due to budget reductions and difficult financial conditions.

According to the survey, Front End Imaging, Electronic Invoicing and Automated Workflow are increasingly preferred. As compared to 2012, Front End Imaging has experienced a 7 percent increase in demand in 2013. During the same period, demand for Electronic Invoicing and Automated Workflow rose by 5 percent.

In a statement, Henry Ijams, managing director, PayStream Advisors said, "Front End Imaging is often the first step in automating AP. Imaging tackles the toughest part of a manual AP process, which is paper. Front-end imaging is the most beneficial since it captures an invoice as soon as it enters an institution and can be tracked throughout the entire process. By connecting with an electronic invoice and automated workflow system, the invoice approval and payment process is accelerated, resulting in more on-time payments and discounts captured."

According to the survey results, nearly 33 percent of the respondents benefitted with a decrease in invoice processing expenses by implementing AP automation in higher education institutions. While 29 percent of the respondents gained from faster approval cycles, 27 percent acknowledged improved visibility across the transaction lifecycle due to AP automation.

Only recently, higher education institutions have started to capitalize on the gains of AP automations. Apart from strategic advantages around expenditure control and productivity improvements, they are benefitting in the areas of enhanced supplier relations and working capital development.

PayStream Advisors will be hosting PayStream INNOVATE '13: The Purchase to Pay Summit, which will be held in Charlotte, N.C during September.