Automation has become one of the more important aspects of modern technological innovation, regardless of which industry one might be discussing. Tools that can streamline content management, bolster the efficiency of workflow and drive the accuracy of reporting should be viewed as simply too good to pass up by the average business leader, and the time is now to get moving on deployments that will ensure continuous performance improvements over time.
One of the first types of automated solutions to truly gain steam in the public and private sectors has been e-invoicing, which can reduce the chances of falling behind in accounts receivable and payable responsibilities while dramatically improving the accuracy of relevant employee tasks. Many governments have already started to make e-invoicing mandatory, while businesses – large and small – seem to be following suit on a global scale.
Traditional e-invoicing has typically been a bigger and more expensive effort than imagined at first glance. However, some capture and extraction software products now provider the ability to extract data from incoming documents, such as paper via OCR, electronic email attachments, XML and more, therefore creating the required interchange and storage of legally valid invoices in electronic format between the buyer and the provider.
This technology is much more affordable and flexible than traditional e-invoicing solutions, making its adoption in SMB companies a realistic goal.
Big growth to come
RNR Market Research recently forecast the global e-invoicing market to expand to the tune of 23.3 percent compound annual growth between last year and 2018, which is relatively massive given the already high adoption rates that have been seen in various regions. According to the researchers, these tools have been highly effective in improving the functions of accounts receivable and payable for the average enterprise, while paper-based options are simply falling out of the public eye.
Organizations have embraced technologies that help eliminate data entry, and this has had a profoundly positive impact on the overall financial and operational performances of several types of departments, notably Finance and Human Resources. RNR Market Research also affirmed that administrator interference is becoming less necessary.
"It offers a number of benefits to organizations including streamlining of accounting processes, reducing paper consumption, offering higher receivables, helping in timely delivery of invoices and faster customer payments, reducing the number of lost invoices, and increasing visibility and control over various processes," the authors wrote.
Hopping aboard
Business owners who have not yet started to consider the prospect of deploying automated e-invoicing solutions and other helpful tools should do so soon, as they will be hard-pressed to find ways to reach optimal operational performance without the help of modern technologies. With the private sector advancing so rapidly and customers expecting more intelligent, advanced and reliable services, organizations can bolster their competitive edge through the use of automated tools.
