Moving to electronic can save 80% of invoicing costs
Investments in electronic invoice processing can be returned within 6 months, according to a new report which investigates global opportunities for electric invoicing.
Sponsored by GXS, the new Billentis report delivered new insight into the economic challenges driving e-Invoicing, in addition to confirming a 60-80% savings with e-Invoicing compared to traditional paper invoicing.
The Billentis report highlights the importance of the market opportunity within Supply Chain Finance (SCF), the set of solutions available for financing specific goods and /or products. With a $1.3 trillion global market for receivables, only a small portion is currently using SCF techniques. But, the report indicates more than half are investigating options to improve SCF functions. And, many companies are looking to monetise receivables and payables to provide liquidity within their supply chain.
“Today’s finance departments face a complex and challenging business environment that requires tremendous business savvy, making innovation an essential driver of the department’s excellence,” said Bruno Koch, owner at Billentis. “Erratic markets, the globalisation of trading, new regulation and compliance issues, increasing complexity of business processes and steady change/transformation have forced the function of finance to redefine its role in the organisations.”
e-Invoicing is gaining an even greater importance as a tool for businesses to maintain an efficient supply chain. Consequently, CFOs are being increasingly called upon to manage information and technology that would normally have been reserved for the CIO.
“As electronic invoicing becomes a mainstream financial activity, CIOs and CFOs need to work more closely together. Many financial supply chain teams have already begun trading electronically with EDI and need to increase their communications to better align their goals,” said Nigel Taylor, head of e-Invoicing at GXS. “GXS has always believed that 2013 will be a pivotal year for e-Invoicing. Identifying increased government mandates, a strong focus on corporate supply chain risk and easier accessibility to e-Invoicing for SMEs as key drivers for this growth, the Billentis report supports our prediction.”
GXS is a leading B2B integration services provider and operates the world’s largest integration cloud, GXS Trading Grid®. Our software and services help more than 550,000 businesses, including 22 of the top 25 supply chains, extend their partner networks, automate receiving processes, manage electronic payments, and improve supply chain visibility