For something to become business as usual, it has to be easy to use, save money and enable productivity. That’s what has happened to some of the greatest inventions: email and mobile phones are prime examples.
The next disruptive innovation that is soon set to become business as usual is e-invoicing. It is peerless in its impact on businesses. It gets rid of time-consuming manual processes. It creates visibility into financial processes. It’s significant for organisations to manage their finances and ensure payment is done on time. For many businesses it’s simply a tool to survival.
The only barrier to the uptake of e-invoicing is mindset. There was time when the internet was doubted & questioned. Few people believed we could use almost all services digitally. Online banking was met with great scepticism. If you’re reading this, then it would be safe to say that you use the internet for something. Ask yourself what would happen if you couldn’t use the internet for a day or week. We have seen a paradigm shift in mindset and the same will happen with e-invoicing.
E-invoicing will prevail, this is inevitable. What we don’t know, is how long it will take. As with everything, some countries and industries are front runners in the market. In the e-invoicing space it’s the Nordics and the auto industry. If the US decides to act and become a front runner, there is no doubt that the uptake of e-invoicing will grow extremely fast.
We are also seeing clear signs in the industry that point to the need for e-invoicing. Many organisations suffer from bad and unstructured invoice data and poor selection of funding options, especially for small and mid-sized businesses. This can very easily and quickly lead to the collapse of a business. This is why we are working with MasterCard – to provide organisations with a new e-payment solution which means suppliers can get paid much faster than today. It will speed up cash-flow and provide organisations with a much needed financial stability.
The global economic climate itself calls for e-invoicing to become business as usual. In times of economic constraint we can’t rely on others. Organisations themselves have to innovate and self-govern.
By creating transparency, efficiency and control within its financial system, an organisation can survive and compete for a long time. In this context, it’s hard to argue against e-invoicing to become business as usual.