Yes we are really still talking about this...
While this topic has been the subject and focus of many Blog articles, a recent survey shows there is still so much progress that can be made. For those that have made the investment in EDI / integration infrastructure and who have trading partners that have done the same, what are the obstacles that prevent paperless invoicing and payments???
Let's take a look at the situation...
First of all this is not a new subject. Many integration specialists, Remedi included, have talked about the opportunities in paperless / EDI invoicing before. Just a few of our past pieces on this topic include What are Manual B2B Processes Costing Your Business?, Electronic Payments...Completing the Cycle, What About Electronic Payments?, and Extending Your Integration Investment Through Financial EDI.
In a survey released by Canon Business Process Services, respondents stated that less than 10% of their suppliers sent invoices electronically resulting in AP departments being overwhelmed by paper invoices, costing them valuable time and increased error processing. A surprising 88.5% say that their organization processes less than 51% of its total invoice volume straight-through, without manual intervention.
The Canon survey also revealed two other solutions for eliminating paper from the invoicing process. Those include collaborating with a service provider to:
• Automate invoice pre-approval validation activities; and
• Ease the approval and exception processing phases of AP workflow
The value of electronic invoicing, and payment, seems like something that would be inherent, however there are still a shocking number of companies that aren't utilizing the tools they have available...or maybe they don't have such an EDI/integration tool or program.
If you are not sending/receiving invoices and payments electronically you are missing out on a big opportunity in efficiency and cost savings.
As you’re planning initiatives for 2015, remember to investigate your payables and receivables automation opportunities. Remedi can assist with optimizing opportunities using a tool you already have or assist with choosing a tool that best suits your business needs and volume to accomplish the automation goals of your organization.
