Thoughts from the Barcelona Exchange Summit
Today, too many organisations are impacted by an imperfection in their processes and structures. The disruption often stems from a reliance on manual processes in the financial system which hinders information and cash to flow. Speed and visibility are essential to improve company performance but also to address economy-wide issues such as access to finance and fraud detection.
Finding a solution to these issues is critical, particularly when the global economy is still uncertain. That is why industry events are more important than ever: the meeting place for those with ideas and initiatives.
A key innovation that answers many of these questions is the continued emergence of e-invoicing which was at the centre of debate at the Exchange Summit in Barcelona this week. This event is the global point of reference for the e-invoicing industry where new initiatives are discussed and key organisations like European E-Invoicing Service Providers Association (EESPA) gather to find solutions to the industry challenges. In two days, 300 participants from 40 countries shared their individual voices and ideas.
E-invoicing is a proven asset for organisations of all sizes and industries to have a game-changing effect on both businesses and economies. Its unique ability to create visibility into financial systems, stimulate cash-flow, ensure prompt payment, automate processes and prevent fraud makes it one of the most important technologies in today’s global economy.
For e-invoicing to become reality, we need an interoperability ecosystem. Just like the experts gathered at the Exchange event we need businesses, suppliers and governments to collaborate more effectively across Europe’s border to boost the economy and competitiveness.
I had the opportunity to attend a panel discussion on this critical subject and the good news is that we are heading in the right direction as everyone realises that a mainstream adoption of e-invoicing is inevitable. There is however, some work to do.
The benefits of an interoperability ecosystem to speed up the adoption of e-invoicing are obvious. It would enable the sending and receiving of e-invoices between governments, businesses and suppliers and thus speed up cash-flow and create a more stable economy across Europe. As such, an interoperability ecosystem is not only beneficial. It is essential.