It's the start of a new year and we all ask ourselves important questions. For me, it will critical to see how organisations and governments can embrace innovations to optimise and manage their cash flow and help boost economies.
This also reflects last week's World Economic Forum in Davos. One of the big debates was about the speed of technological advancement and how our digital age is giving people bigger opportunities than ever to create change.
This speed has spurred innovations in the financial sector and provided organisations around the world with alternative financing models such as our own Basware Pay. When you combine these types of recent innovations with established technologies such as e-invoicing, you can see the emergence of powerful business models that will boost cash flow and stimulate economies of all sizes. This will be one of the key trends in 2015.
Another key area to observe this year will be how governments can be more business orientated. By driving technology strategies underpinned by e-invoicing, governments have a fundamental opportunity to boost economies, prevent fraud and ensure transparency in business.
Because of critical benefits like these, the mainstream uptake of e-invoicing is not a question of if but when. It's inevitable. In the industry we see signs of its increased maturity. Consolidation in the e-invoicing space is happening worldwide. For example, the EU is moving ahead to make e-invoicing required for government suppliers by 2015 and the standard method for companies to conduct business shortly thereafter, with recent examples in Italy and Spain. There is a continued push from governments to adopt e-invoicing as the technology is becoming more commonplace and the benefits realised more widely.
In these two megatrends for 2015, the establishment of alternative financing models and business driven governments, Basware plays a critical part. Our ability to unleash financing services based on our market leading technology and network is at the centre of the business growth debate for organisations. The Davos debate made it clear that digitisation is more than ever creating advantages for organisations. Firms don't have to look far to find the innovations that will give them these advantages to drive their business forward in 2015.
My video interview on the evolving e-invoicing market and industry can be viewed in Basware’s Annual Report 2014.