January 4, 2013 Electronic Invoicing in 2013
Now that we are in the midst of 2013, I wanted to share what is happening in the electronic invoicing market space. I see that there will be great advances in the amount of reporting from invoices that were submitted electronically. Think about it, when a vendor submits an electronic invoice, there is a wealth of data on that e-invoice that you should be able to analyze. One of our customers (One of the World’s Largest Restaurant Chain) is using our Ad Hoc Reporting to see how often certain ovens are repaired versus replaced. This gives them the ability to make decisions on whether they should purchase or replace that oven.
They are also using it to analyze localities and repair rates. All of this information is available due to electronic invoice submission, and advanced querying capabilities in our application. Many electronic invoicing applications have reporting, but the ability to actually search the data on the invoices and make business decisions, has not been universal in its implementation in the industry.
Another activity in the New Year will be a renewed sense of vendor adoption in the electronic invoicing arena. Many companies have gone with the dump and run approach in selling e-invoicing. They get you up and running (hopefully in less than 4 months) and then they are off to the next account, leaving AP individuals to try to become vendor adoption experts or have the project fail. I think there will be a shift to a more hands on approach like iPayables has.
With the industry seeing that we are averaging 70% vendor submission of electronic invoices within the first year, they really have no choice but to come around and become advocates of vendor adoption, and stop charging their customers for activities that are so vital to the success of an electronic invoicing initiative!
The final thing I think we will see is more payment options around electronic invoicing. It only seems natural that people will want to submit an electronic invoice, and then have the customer able to pay that electronic invoice, electronically.
I wish you all a Happy and Prosperous New Year!