Companies need to get proactive to digitize their processes - especially for managing invoices. If not, they will quickly be outpaced by the digitization and market-changing technologies that are already having an impact worldwide. A new study sheds light on international developments as projected to 2025.
Tackling the VAT gap is one of the world's most important accelerators for digitizing invoice processes. After all, tax fraud and inadequate tax systems deprive states of billions of revenue that could be put to good use. In order to close this gap, more and more countries are turning to electronic invoicing, particularly for dealings with the public sector.
In addition, the impact of new technologies on the market - like blockchain, robotic process automation, machine learning, and data analysis - is definitely visible on the horizon. Again, invoice processing, with its high proportion of repetitive and rule-based work, is a key topic.
Thinking holistically about automation
With the new study "The E-invoicing Journey 2019-2025," Swiss consulting firm Billentis has documented these developments and backed them up with figures. Another key point they make: It isn‘t just a matter of issuing invoices electronically, but all the associated processes that fall within an automation strategy, such as:
- Financial Supply Chain
- Procurement Process
- Tax Processes
- Invoicing at the point of sale and on mobile devices (e.g., for airline tickets)
This English-language study is available free of charge as a PDF Download.
Read more about E-Invoices and Invoice Processing.