PayStream is pleased to release the 11th edition of the Electronic Invoice Adoption Benchmark report. The report is full of current trends, statistics and other valuable information regarding the adoption of electronic invoicing.
The report was sponsored by ADP, Ariba, Coupa, Hubwoo and Transcepta and includes detailed profiles on each sponsor.
Survey results reveal that electronic invoicing continues to increase. Nearly a quarter (24 percent) of survey respondents report they are currently utilizing an eInvoice solution and an additional 46 percent are evaluating the usage of an eInvoice solution.
Electronic invoice adoption has been of keen interest among suppliers and the number of suppliers converting to electronic invoicing has increased. Today, suppliers send more invoices to companies in electronic format that do not require data entry, resulting in a more efficient and cost saving invoice process.
New innovations in electronic invoice functionality, including Software-as-a-Service (SaaS), free-supplier portals, dynamic discounting and mobile transactional capabilities, are now opening up the middle market. PayStream is witnessing a move from large early electronic invoice adopters into the middle market of small and medium-sized enterprises (SME).
Seeking to gain insights and current trends in electronic invoice adoption, electronic payments adoption and emerging working capital solutions, PayStream conducted an in-depth survey of over 300 account payable and procurement professionals at U.S. based enterprises. Among key findings in the 2012 Electronic Invoice survey includes:
• More companies are migrating to a centralized system, where invoices are approved and paid from one central location.
• The top accounts payable automation goal for 2012 was electronic invoicing, with 37 percent of survey respondents reporting eInvoicing as their top goal.
• Over a quarter of survey respondents report they would like to achieve at least 75 percent electronic invoicing technology.
• The top factor driving organizations to focus on electronic invoices is the reduction in overall processing costs.
• Purchasing cards represent the most widely used technology with 86 percent adoption rate.
• Electronic payments are widely adopted with an 84 percent adoption rate.
• Nearly a quarter (24 percent) of survey respondents is currently utilizing electronic invoicing and 46 percent are currently evaluating the usage of eInvoicing.
• Fifty-six percent of survey respondents ranked the reduction in procure-to-pay cycle time as the top benefit achieved from the usage of electronic invoicing.
• The top barrier to electronic invoicing is the shortage of IT resources – 64 percent. This is a dramatic increase from only 7 percent in 2011.
• The primary method used to trade business-to-business invoices is paper at 59 percent.
• Large companies (companies with revenues over $1 billion) have higher automation adoption rates which have resulted in the reduced volume of paper invoices in large companies.
Read the Electronic Invoicing Benchmark Report HERE
