PayStream Advisors issues global electronic invoicing report
Gaithersburg, Md., Feb. 28, 2013 — GXS, a leading provider of B2B integration services, today announced a new report from PayStream Advisors titled, “Global Electronic Invoicing—The State of AP Automation Worldwide.” The report, co-sponsored by GXS, evaluates the current state of the global e-Invoicing market. Report findings are based on a survey of more than 200 AP, finance and treasury personnel across six regions of the world conducted by PayStream and Purchasing Insight.
The report found that 2013 will see a significant shift towards electronic invoicing. Currently, only 16 percent of AP departments receive the majority of their invoices electronically, with just 5 percent receiving more than 75 percent of invoices electronically. The majority, 60 percent, continue to receive over 90 percent of their invoices on paper. However, half of survey respondents revealed that they are looking to implement e-Invoicing in the coming year, and well over half of those (31 percent) are looking to achieve at least 75 percent electronic.
“Automating accounts payable by using electronic invoicing rather than paper and manual processes is seen by many as a ‘no-brainer.’ Reduced processing costs, faster approvals and elimination of paper are obvious and compelling benefits,” said PayStream Advisor’s CEO Henry Ijams. “It is no surprise to learn that these drivers are confirmed by our research. Reduced cost, removal of paper and speeding up of the approval cycle are the top priorities.”
Among the top three drivers for e-Invoicing, the survey found that 56 percent of respondents were looking to reduce the overall processing cost, 43 percent want to remove paper from the Accounts Payable Department and 38 percent are hoping to speed up invoice approval cycle times.
Both globally and within the U.S. market, electronic invoicing ranked as the top automation goal for 2013. Electronic payments ranked second, chosen by 22 percent of respondents. Due to several factors the global market is aiming higher in its adoption goals, 50 percent compared to 41 percent in the US. A number of factors outside the US are driving the need for e-Invoicing including encouragement from the European Commission for public sectors to embrace e-Invoicing and mandates in Latin America.
Additionally, PayStream recently released Electronic Invoice Management: Going with the Workflow, showing 2012 as a key year for e-Invoicing. The report found that many large businesses have already automated their invoicing function, small and medium-sized businesses are expected make up the larger growth segment with 13 percent. Additionally, it found that the volume of paper invoices received had also decreased from more than three quarters to just a little under two thirds of total invoices.
GXS is a leading B2B integration services provider and operates the world’s largest integration cloud, GXS Trading Grid®. Our software and services help more than 550,000 businesses, including 22 of the top 25 supply chains, extend their partner networks, automate receiving processes, manage electronic payments, and improve supply chain visibility. GXS Managed Services, our unique approach to improving B2B integration operations, combines GXS Trading Grid® with our process orchestration services and global team to manage a company’s multi-enterprise processes. Based in Gaithersburg, Maryland, GXS has direct operations in 20 countries, employing more than 2,400 professionals. To learn more, see http://www.gxs.com, read our blog at http://www.gxsblogs.com and follow us on Twitter at http://twitter.com/gxs . You can also access our public filings with the Securities and Exchange Commission at http://www.sec.gov/edgar.shtml .
Source: Company press release.
PayStream Advisors issues global electronic invoicing report — 11:16:22(CST)2-28-2013
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