Adoption challenges continue to plague various procurement organizations in the United States, despite an active interest in e-invoicing solutions for automated internal operations. The market maturity of North America is also considerably less in comparison to other leading countries. However, this does not indicate that the U.S. is too far behind in the competition. In fact, the country has surpassed the early phase of adoption for e-invoicing solutions and lots of companies have now begun to build their operations based on accounts payable automation and accounts receivable along with order-to-cash, purchase to pay (P2P), and other invoicing management systems. Despite the hype surrounding e-invoicing, different organizations are still coping with limited budgets for the technology. Read on to find out why the U.S. market needs more time to understand the true value of the e-invoicing system.
Word-of-Mouth about E-Invoicing Raises Awareness
Various e-billing and e-invoicing solution providers in the U.S. are trying to publish their annual reports with the intention of educating organizations who wish to substitute paper-based invoice management systems with improved e-invoicing technology. Paper invoices still dominate the landscape all over the world, but companies are slowly taking minor steps towards digitizing and automating their invoice management systems. This has set the stage for the e-invoicing landscape to undergo dramatic changes in the coming years.
Why Switch to Digital Invoicing?
Organizations that have transitioned to e-invoicing now realize that manual processes lead to late payments and penalty costs besides poor business visibility. Digital billing, on the other hand, removes any unnecessary paper processes and offers further benefits to all the involved parties. In order to harness the full value of electronic invoicing, a coordinated approach is necessary. This will also decrease duplication and the burden on both businesses and agencies. Other advantages of e-invoicing solutions include the elimination of inaccurate data and improvement in invoice information quality.
The development of a mature e-invoicing market in the U.S. will take time due to the semantics involved in defining and sizing markets and growth. However, as more companies learn about the benefits of digital billing, they will overcome the challenges to adopt new e-invoicing technology. If you are convinced about the benefits of AP automation, we can help you embrace the technology. Contact us today.