Corcentric Featured in New Paystream Advisors Purchase to Pay in Higher Education Report

Corcentric Featured in New PayStream Advisors Purchase to Pay in Higher Education Report

1888 PressRelease - The report finds that colleges and universities may be better prepared for automated payment solutions than other industries, but lag behind when it comes to front-end automation.

McLean, VA - Corcentric, a leading provider of Accounts Payable automation and electronic invoicing solutions, announced today that it has been featured in the recent Purchase to Pay in Higher Education Report from PayStream Advisors.

The report polled a group of higher education executives who participated in PayStream's electronic invoicing and invoice workflow automation surveys and compared the findings to those of other industries who had taken part in earlier surveys.

Colleges and universities today, like most companies, are working to become more efficient through the introduction of automated solutions. Unlike most for-profit companies, however, institutes of higher learning, though they tend to have a centralized payment department, are highly decentralized when it comes to their purchasing and reporting structures. The result is a reliance on manual handling of paper invoices flowing in from a variety of departments and campuses, and this, in turn, often results in poor recordkeeping, slow payments to vendors, and missed discounts. Although they lag behind other industries in implementing workflow automation and e-invoicing, institutes of higher learning are demonstrably ahead of these same industries when it comes to electronic payments.

Among the findings of this report:

• Only 17% see themselves as innovators making significant investments in automation as compared to 31% of those in other industries.

• Yet 50% of educational institutions say they have adopted some advanced technology and are evaluating solutions as compared to 33% from other industries.

• On the front end, colleges and universities are using or planning to use the following...