Genpact's Perfect Payable Index is a framework that is ready to transform your AP function with a set of interrelated business metrics benchmarked against industry leaders. It connects to other process assessment frameworks, ERP, and other technologies to give your team complete visibility into every aspect of the AP function, driving accountability.
Guided by Genpact's finance expertise and built on Celonis' market-leading process mining technology, Genpact Perfect Payable Index measures the total value AP can deliver by analyzing four dimensions – process excellence, business efficiency, compliance procedures, and stakeholder experience. Using over 120 variables and 4,000 combinations, it evaluates the impact of various drivers that affect your AP process. This helps in assessing outcomes from potential transformational levers and enables teams to prioritize them in an informed and objective manner. Also, the built-in Celonis connectors help deploy the application for this framework quickly.
With the Perfect Payable Index, you get an unobstructed view of how quickly and accurately your team processes invoices, takes advantage of discounts, and controls the cost of invoicing. For example, it reveals exactly how upstream issues such as pay order penetration, pay order compliance, and standard payment terms impact downstream changes in processing and exception resolution. And it measures how well the group is complying with policies.
Here's how the Perfect Payable Index plays out in practice:
- Overall Perfect Payable Index (figure 1): First, it connects to your ERP to give you a snapshot of the current state of your AP process and a sense of the overall maturity of the function. It analyzes how the four critical dimensions are trending and how they line up against best-in-class AP operations so you can focus on weak spots and pain points in order to fix them. Then, the deep dive begins