To adapt to the current situation and ride the tide of innovation, Bartłomiej Wójtowicz from Comarch, recommends business leaders to include e-invoicing digitisation into their organisational strategy
COVID-19 pandemic motivates a digitised approach
After a period of rising prosperity lasting a few years in various verticals, top management face the real challenge of updating business continuity plans and adjusting to a new business environment. Depending on the sector, some companies have opened new sales channels, retrained their staff for new duties, remodelled processes or switched to manufacturing new products. Ecommerce channel sales for instance, according to analysis by ACI Worldwide, increased by 19% in July 2020 compared to July 2019.
Invoicing coming to the attention of top management
One area of particular importance for chief financial officers (CFOs) and customer service/sales teams is the invoice management process. Despite the undoubted benefits of process automation in invoicing, statistics show an e-invoicing take-up rate of just 10% to 15% worldwide. This has remained stable for many years, with no rapid increase, which demonstrates a reluctance and slow decision-making processes where paperless and automated e-invoicing are concerned.
Various approaches to e-invoicing
Over the past decade, the e-invoicing expectations of many companies have differed significantly. In general, e-invoicing may concern:
AI/ML to become a must for advanced companies
These are the companies interested in automating the e-invoicing process. For starters, AI/ML-based business technologies have been around for quite some time now, helping companies to automate supply chains and identify anomalies to prevent fraud. Generally, the idea behind AI-driven solutions is to provide access to structured and unstructured data which can then be analysed. In this way, it becomes possible to identify trends and patterns, and apply more sophisticated business rules to reach a higher level of intelligence, while also helping to improve performance significantly.
The potential areas of AI/ML use in e-invoicing, regardless of the approach, are:
Digitisation on the rise
We can observe that a significant majority of companies have already put e-invoicing digitisation in their strategy. However, this often concerns only part of the whole invoicing process in a company. To gain insight into a company’s holistic performance and to decrease human labour, I suggest a rethink of strategies so they cover all partners with an appropriate e-invoicing solution that utilises modern AI/ML technology. This should bring significant improvements in the process.
About Bartłomiej Wójtowicz
Bartłomiej Wójtowicz is Consulting Director at Comarch. He has over 15 years of experience in the field of B2B communication in the supply chain. Initially he was responsible for the market development in CEE, but later he became involved in product development in e-invoicing area. Currently Bartłomiej is coordinating the consulting team.
About Comarch
For the past 25 years, Comarch has been a global provider of advanced, software-defined technologies that help companies from all industries optimise their key business processes. The company’s vast portfolio includes systems and services for efficient data and document exchange such as Master Data Management, Electronic Data Interchange, Online Distribution, and e-Invoicing platform. Each of the products is fully compliant with the latest local regulations and allows enterprises to improve their business performance, gain a competitive advantage, and reduce operational costs. Comarch’s clients include top professionals from various sectors: retail (e.g, METRO-NOM, Tesco, Carrefour) FMCG (eg BIC, Johnson & Johnson, L’Oréal, Unilever), pharma (eg GlaxoSmithKline, Sanofi) and many more.
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