This measure calculates the percentage of disbursements that are error free the first time. A disbursement is a single remittance to a supplier of goods or services to pay for the goods and services received. This measure is part of a set of Process Efficiency measures that help companies optimize their "process accounts payable (AP)" process by minimizing waste and refining resource consumption.
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(Number of disbursements processed error-free the first time / Total number of disbursements excluding T&E disbursements) * 100
A disbursement/payment is a single remittance to a supplier of goods or services to pay for the goods and services received.
A first-time error-free activity is one that is finalized with no follow-up effort at all required for adjustments or corrections.
Process efficiency represents how well a process converts its inputs into outputs. A process that converts 100% of the inputs into outputs without waste is more efficient than one that converts a similar amount of inputs into fewer outputs.
The metric value which represents the 50th percentile of a peer group. This could also be communicated as the metric value where half of the peer group sample shows lower performance than the expressed metric value or half of the peer group sample shows higher performance than the expressed metric value.