According to the report, investments can be returned within six months and Europe’s public sector could potentially save at least EUR 40 billion by replacing a major proportion of paper invoices with electronic invoices.
Furthermore, the report has revealed that companies that have adopted electronic invoicing solutions can expect to see savings of around 60-80 percent when compared to traditional paper invoicing. Additionally, the report has found that automated invoice processing can mean realistic savings of up to 2 percent of annual revenues for many companies. The savings come from optimising both physical and financial supply chain processes through electronic invoicing.
Finally, the report has shown that, on a global scale, e-invoicing achieves better adoption in countries where governments actively push and lobby for businesses to migrate away from paper-based transactions. Consequently, Brazil, Chile and Mexico are the largest adopters of e-invoicing worldwide, with Denmark leading the way in Europe due to an obligation for suppliers in the public sector to send all invoices electronically. The UK is lagging behind its Nordic neighbours, with e-invoicing market penetration in 2012 expected to be within the 10-30 percent bracket.
The report titled ‘E-Invoicing/ E-Billing: Opportunities in a challenging market environment’ was issued by independent international e-invoicing consultant and market analysis firm Billentis and sponsored by B2B e-commerce services company GXS.
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