Report: Increasing Electronic Invoice Adoption through Strategic Automation

December 2, 2015 Hailey Yook

Research has long proven the competitive advantage of eInvoicing software. And for years, business leaders have encouraged adoption of eInvoicing and B2B networks.

Nevertheless, despite extensive onboarding efforts by both solution providers and their customers, supplier participation is still relatively low.

So what’s holding suppliers back from adopting this technology? And how can we recognize the ongoing struggle of low participation to adjust the current strategies accordingly?

A recent report from PayStream Advisors explores the common barriers to eInvoicing adoption; the uses and benefits of different invoice receipt automation tools; and strategies for organizations to select the right solution for their specific needs and unique supplier base.

First, let’s look at some of the key benefits of electronic invoice receipt technology—benefits that both buyers and suppliers named as factors that would drive them to adopt an eInvoicing solution:

Benefits for buyers:

  • Reduction of labor and processing costs

  • Fewer lost or missing invoices

  • Quicker approval cycles

  • Ability for AP to focus on higher-value activities

  • Improved cash management

  • Reduced fraud / more secure payments

Benefits for suppliers:

  • Faster payments

  • Fewer rejected invoices

  • Increased productivity

  • Enhanced accounts reconciliation and improved customer relationships through faster, more secure payments

  • Better cash management and working capital

With so many benefits, it’s hard to understand why adoption would be so low. Well, here are some of the top reasons for supplier resistance that the report found:

  • Supplier network fees

  • Difficult integration

  • Lack of valuable tools

  • Lack of invoice receipt diversity

  • Extensive adoption requirements

  • Buyer-centric solutions

The solution? The report asserts that instead of aggressively pursuing eInvoicing alone, innovative organizations must adopt a hybrid model of invoicing, automation and financing in order to offer suppliers more options for invoice submission. The previously mentioned benefits are very much dependent on supplier participation, but full participation is nearly impossible without diverse, supplier-focused automation strategies.

To learn these strategies and steps towards a more successful electronic invoice management, download the Invoice Receipt Management Report 2015.

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