In our line of work we see evidence of e-invoicing helping businesses of all sizes around the world everyday...the exciting news is that the news is spreading and fast!
We recently carried out the 2012 Global E-invoicing Study which found that e-invoicing adoption is being driven by an ecosystem effect. To put this simply, as more businesses encounter partner, supplier and customer organizations using and benefitting from e-invoicing, they like what they see and they adopt it. In fact, 67% of respondents believe e-invoicing can help to achieve the goal of improving operational efficiencies, compared with 50% in 2011.
As a result of this ecosystem effect, it is predicted that the tipping point for mass e-invoicing adoption is only 1-2 years away!
And it’s not just the effect of the ecosystem. The network effect is also contributing to rapid take up as e-invoicing is passed down the value chain from a large customer to a large supplier and consequently the suppliers that work with that business. Our research found that supplier resistance to e-invoice adoption has decreased from 46% in 2011 to 26% in 2012 as one of the main barriers to adoption.
Other factors such as legislative changes and e-invoicing mandates by governments are also playing a key role, and now more than ever the improvements in connectivity solutions mean that businesses don’t have to handle clunky technology – they can be up and running in minutes. You’d be surprised just how incredibly easy sending e-invoices can be with the right technology.
What’s great about this is that all of the factors I’ve mentioned above help the overall market awareness of e-invoicing, and combine to increase the number of organizations adopting it which is great news for everyone!
Finally, it is moving to see that e-invoicing is an innovation that when adopted by one business has an immediate effect on another. A simple shift in the format and sophistication of an invoice can, in the right conditions, lead to a network of changes.
Please check out the report for more information on this topic here.