Thursday, March 31, 2011

B2B E-Commerce News Weekly

This is a weekly update of the most interesting articles related to EDI, e-Invoicing and electronic payments that I have found this week.  I am specifically looking for information about market trends and market numbers.

Now for the news:

The U.S. Department of the Treasury is going electronic. And in switching from paper checks to electronic payments to pay all federal benefits, the Treasury expects to save $120 million a year.

Organizations can save the equivalent of 1-2% of their turnover by replacing paper invoices and optimising the related processes. Compared to traditional paper-based systems, electronic and automated invoice processes can generate savings of 50-80%. Consequently, the payback period on e-Invoicing projects can be as short as six months.

It is estimated that over 150 billion invoices per year are exchanged worldwide, and these are to a large extent still paper-based. However, a rapidly increasing number of companies and consumers are adopting electronic channels.

Research shows that e-mail bill and e-mail statement delivery is the top consumer choice for electronic delivery.

Research shows companies can save 60-80% compared to traditional paper-based invoice processing. Projects typically result in a payback period of 0.5 - 1.5 years. In 2011, roughly 5 million European businesses and 75 million consumers are expected to send or receive electronic invoices.

Irish businesses can save 2% of their turnover by cutting out paper invoices and optimizing related supply chain processes. Based on Irish GDP of €1.23 billion in 2010, this equates to €246m in untapped potential savings. In 2011, more than 5m European companies are expected to exchange more than 3bn e-invoices, but the majority of businesses in Ireland continue to send and receive paper invoices.

Kevin R Benedict Independent e-Invoicing/EDI Consultant, Analyst and Blogger
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*Full Disclosure: I am an independent consultant that has worked with and for many of the companies mentioned.

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