April 22 is Earth Day. On this day, people all around the world are encouraged to think and take action to help the environment and mitigate the effect of climate change. But should we not be doing this every day? Why do we need to wait for one day in spring to address the wastage and losses because of careless resource consumption? We don’t. Every day we should be looking for ways to automate processes, save costs and ultimately protect our resources.
Traditionally, business processes such as sales order processing, accounts receivable and accounts payable have been a manual, timely process of pushing paper around between customers, approvers, vendors and more. Technology has made it easy to automate these business processes to increase visibility and reduce costs as well as paper waste – but unfortunately not every company and organisation is aware of this.
The 2013 Billentis report estimates the global bill and invoice volume to be at least 350 billion. Less than six per cent (around 20 billion) of these bills and invoices are sent electronically. Printing, sending and receiving those 330 billion invoices manually comes at a huge cost for the economy and takes a large toll on the environment.
If all those paper invoices were sent electronically, 138.6 million trees and 143 billion litres of water could be saved and the carbon footprint of one invoice (lifecycle) would be reduced by 63 per cent.
Moreover, switching to e-invoicing enables up to 80 per cent cost savings as companies can get rid of time-consuming and manual processes, such as printing, filling envelopes, mailing, scanning, keying in invoice data, manual matching of invoices to orders and archiving.
It is a win-win situation for both the economy and environment and should be an easy decision to make. Let’s switch to paperless invoicing to save the environment. Not just on Earth Day, but on every day.