The Global Billentis Market Report predicts 36 billion electronic invoices worldwide in 2017
E-INVOICING IS DRIVING DIGITALIZATION AND MAJOR MARKET TRANSITION
May 18, 2017
The digital transformation is no longer an option, it is an imperative. The growing volumes of electronic invoices due to new government initiatives, business process automation, and emerging technologies, among other drivers, are rapidly changing the market and require that businesses and organizations take proactive actions toward digitalization.
This is the conclusion of the Billentis Market Report, published in May, outlining the current state and future trends of electronic invoicing globally.
According to the annual market research report authored and published by Billentis and sponsored by OpusCapita, the volume of electronic invoices will achieve at least 36 billion worldwide during 2017. The annual growth rate for e-invoices is 10–20%. The report estimates that the size of the global e-invoicing market will multiply in the coming years, and reach EUR 16.1 billion in 2024, growing from the current EUR 3.3 billion.
“True digital transformation requires a holistic approach from organizations. We have seen this trend strengthening with our customers’ year by year. E-invoicing is a key enabler in automating accounts payable (AP) and accounts receivable (AR) processes but real competitive advantage comes through improved cash and working capital management”, says Patrik Sallner, CEO, OpusCapita, commenting on the report.
According to Billentis, 90% of all invoices worldwide are still processed manually, and the amount of repetitive and time-consuming tasks in invoice handling is high. The report is looking into emerging technologies, such as blockchain, robotic process automation, machine learning, and advanced analytics to improve the degree of business process automation.
“We are moving towards a digital economy, where the focus shifts to procurement and cash management, and the functions related to accounts payables and accounts receivables are commoditized through, for instance, advances in next-generation technologies. Organizations need to focus more and more on the full digital transformation of their business processes,” states Patrik Sallner.
Major impact ahead for over 300 000 public administrations and all suppliers to the public sector
In the Billentis report, it is stated that the public sector has taken over the driver seat for pushing e-invoicing market development and promoting the digitalization of business, fiscal, trade, and logistic documents, among others. Over 300 000 public administrations and agencies in EU member states will be obliged from end of 2018 or 2019 to support the new European norm for electronic invoicing, process e-invoices and change also certain procurement processes toward electronic procedures.
“These government initiatives for e-invoicing are affecting the suppliers to the public sector, and prompting essentially almost all organizations to act. One of the key drivers here is tax and legal compliance and increasing transparency. In the process, the way different stakeholders of business-to-business and business-to-government trade communicate with each other is changing, resulting also in the rise of digital business networks,” says Ahti Allikas, Solution Owner of E-Invoice Networks, OpusCapita, and a Member of EESPA Executive Committee (European E-invoicing Service Providers Association).
Supporting the European norm and enabling effortless electronic invoicing for SME suppliers have a major role in the e-invoicing development for many governments. The rapidly expanding PEPPOL network (Pan-European Public Procurement Online) contributes to the development as an open and many-to-many interoperability network within Europe. OpusCapita is an active member in the OpenPEPPOL Association.
“From our experience, interoperability and easy access to the network are the most crucial factors for the widespread adoption of e-invoicing. For organizations, it becomes more and more pivotal for their success to find the right service provider to ensure broad access and also capability for multi-channel exchange, which is characteristic for Europe” says Allikas.
For more information:
Solution Owner of E-Invoicing Networks, OpusCapita
Tel. +372 527 6676
Head of Communications, OpusCapita
+358 44 3455 554
›› A complimentary copy of the Billentis Market Report 2017 “E-Invoicing / E-Billing: Significant market transition lies ahead” sponsored by OpusCapita can be downloaded here.