Entering the world of digitalization
Technology developments and regulations on e-invoicing, have led to increased adoption rates throughout Europe, although there are still many organizations that have a long way to go. The good news is that, thanks to consistent standards, adopting e-invoicing has become yet more simple, and those that move forward with such a solution, enjoy ROI soon after the implementation of their new system. Actually, it is now possible to proceed with the implementation of an e-invoicing solution step by step, thus avoiding the issues caused by abrupt disruption in operations and infrastructure. And, when done properly, the cost savings are apparent from the beginning. Streamlining the entire chain -from ordering to payments- is the essential purpose of e-invoicing.
Holistic perspective and strategy
Many business executives still hesitate about making IT changes, fearing they will have to replace all corporate IT systems. But this is not necessarily true. E-invoicing is the ideal way for any business to begin their gradual digital transformation, smartly and effectively. This, of course, requires the cooperation of all involved parties interacting with the supply chain: Financial, IT, even suppliers – they all need to be coordinated.
With e-invoicing, the involved parties will acquire a more comprehensive view of the entire process, from beginning to end. For those that follow a more traditional corporate strategy, the decision to cross “internal borders” can be challenging. But, when all parties are clear on how to maximize the benefits of this digital change through active participation, the overall process is simplified, and CFOs, CPOs and CIOs can achieve their common goal for control, compliance and reduced expenses.
Digital supply chains and business networks
Adopting an e-invoicing solution and moving forward with the new structures that this entails, does not change only the company’s internal processes, but also the way it interacts with its partners and operates in the market, in general. Success in today’s digital and international competitive landscape does not depend just on the performance of any single business, but rather on that of the entire network.
If this holistic approach prevails, e-invoicing will lead to greater benefits in terms of automating the entire source-to-pay process as well as to the digitalization of the supply chain. Successful integration of partners, suppliers and customers leads to the creation of a digital network and with that, your business will become even more flexible and, thus, able to respond to any future challenges.