Despite the benefits of increased visibility and control over spend that e-invoicing provides – not to mention significant cost and time savings – adoption is still in its early stages.
According to e-Payables: The Quest, an independent study we supported from research and advisory firm Ardent Partners, only 29 percent of companies are currently implementing e-invoicing. That’s surprising considering how easy it is for companies to send and receive e-invoices. The availability of e-invoicing technologies and onboarding services that make it quick and easy to get suppliers up and running enable companies to painlessly transition to e-invoicing. And with the advent of business commerce networks – like the Basware Network – companies can send and receive an e-invoice instantly, compared to the two weeks it takes if they send paper invoices by mail.
The good news is that e-invoicing expected to increase significantly, with 55 percent of organizations planning to implement it within the next two years. Similarly, while only 19 percent of companies are currently using business networks to submit e-invoices, that number is expected to increase to 41 percent within the next two years according to the study.
So what does this all mean? It suggests that perhaps the real barrier to implementing e-invoicing is inertia. We’re all creatures of habit even if our habits are not always healthy ones. If you implement e-invoicing you’ll get improved insight that can lead to better cash and capital management, as well as increased efficiency and reduced costs. The transition will be smooth and easy. With a proposition like that, how can you afford to wait?