Why Should Supply Chain & Logistics Shift to E-Invoicing?
The arrival of e-commerce has changed the dynamics of the logistics and supply chain industry. Recent developments such as Covid-19 have also shaped the sector. For example, when most brick-and-mortar stores unexpectedly closed recently, customers turned to e-commerce companies for their goods.
The pandemic might be fading but its affects remain. Many customers have grown comfortable with ordering stuff from e-commerce companies during the pandemic, creating a golden opportunity for supply chain and logistics firms to dig in their heels.
But if these companies want to continue their success, they must make significant changes in their business operations. One, they must invest in new physical infrastructure, like distribution centers and warehouses. Second, they must implement new supply chain and logistics processes. Third, they must bring in new technologies.
Finance Departments Can Also Benefit From New Technologies
Another department that is ripe for change in the finance department, particularly the invoicing and invoice processing systems in use.
Let’s face it.
The invoicing process is time-consuming. It is not a profit center either. As a result, it is not difficult to see that the extra time companies put into invoicing or invoice processing could put to better use pursuing other tasks that can make a definite contribution to their profits. This makes invoicing a fit candidate for automation to save time and money.
Thankfully, new technologies like Artificial Intelligence and Blockchain have made invoicing easy, painless, error-free, and transparent. To a large extent, these new techniques have also removed the complications inherent in standard invoicing practices. And companies such as SkyscendPay are leading this revolution.
Making an Argument for New Technologies in E-invoicing
Traditional invoicing processes like manual entry or semiautomated processes have several issues. They are slow, cumbersome, follow fragile rules-based OCR techniques, or are prone to errors. They are also expensive.
For example, Sterling Commerce, a research company, has estimated that the average cost of creating a paper invoice over its lifetime is around $12 to $30, while automated invoices only cost $3.5 to process.
Meanwhile, e-invoicing and e-invoice processing systems have many benefits. These include money savings, increased reliability, improved efficiency, high accuracy, and streamlined servicing.
Companies Stand to Gain Much From Deploying Advanced E-invoicing Systems
Take SkyscendPay, for instance. It employs state-of-the-art artificial intelligence to import invoices into its system, which is later parsed contextually so that even novel formats are quickly processed. It learns from each operation so that the data from future invoices are more easily parsed. SkyscendPay has also integrated Blockchain technology into its code to ensure that customers’ data is more secure, preventing frauds.
SkyscendPay can be easily integrated with existing procurement and ERP networks for seamless operations. It also works with a vast number of formats, thanks to its integrated OCR engine, which is capable of recognizes different types of texts, scanned papers, and even images. Best of all, suppliers can take advantage of a supply chain financing option to realize payments faster.
Businesses Have to Embrace the New Digital World or Risk Perishing
When it comes to businesses, nothing is predictable. Companies that want to survive must always keep on their feet. Supply chain and logistics services providers need an invoice process automation system to take care of all critical components in the invoicing lifecycle. This includes the buyer, supplier, supply chain/financing, and e-tax reporting.
Supply chain and logistics businesses will benefit from the seamless e-invoicing system offered by SkyscendPay. So, if you are seeking an advanced invoicing solution to simplify invoicing and put your and your employees’ time and effort to better use, try SkyscendPay.
Book your free demo. We promise you will not be disappointed.