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Keywords: electronic invoicing, einvoicing, e-invoicing, Billentis, e-Invoicing/e-Billing: Opportunities in a Challenging Market Environment, Billentis report
Susie West | News | 23 April 2012
e-Invoicing is growing fast but there is still "tremendous" potential for expansion in the market, both in the B2B and B2C sectors among private and public organisations.
This is one of the conclusions drawn in a new report by Billentis, titled E-Invoicing/E-Billing: Opportunities in a Challenging Market Environment.
It notes that while Latin America and some European countries are already highly advanced in their use of electronic invoicing, others are yet to decide on a common system or process, meaning that adoption of digital transactions is slow.
The report points out that 350bn invoices are sent to consumers and businesses every year, making up between 16% and 30% of the total addressed letter volume in most industrialised nations.
However, only 5% of these are currently electronic, which means there is huge scope for improvement, especially since total invoice volume is rising by 2-3% every year.
Opportunities are particularly plentiful in the public sector, with 45-65% of all companies in any given country acting as suppliers to state bodies and 100% of all businesses and households receiving invoices from them.
"That is why e-invoicing initiatives by the public sector are key for the development of the whole country," the report read. "Unfortunately, this sector often belongs to the laggards, despite the huge saving potential."
Billentis reckons that the volume of e-invoices being issued around the world could rise by 20% per annum in the coming years, driven by a number of motivating factors including external pressure from suppliers and customers, internal cost pressures and public sector initiatives.
The group notes that electronic and automated invoice processes can generate savings of between 60% and 80% compared to paper-based systems, so that in itself should be a good enough reason for more and more public and private sector organisations to make the switch.
For the full report visit:
White paper & report10.05.2013
White paper & report11.03.2013
White paper & report20.08.2012
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