HOW TO MEASURE SAVINGS AND BENEFITS
Understand & track your accounting data
The synergy effects of digitalizing invoice handling are hard to anticipate from the start. But when it comes down to it, true system-to-system digitalization will bring countless savings and benefits to a business compared to sending emails, PDFs and using OCR.
Know your financial health status
LFor any business, digitalization is normally rooted in the savings and benefits that come from removing manual tasks, as well as reducing expenses generated from physical and manual processes (e.g. paper and postage costs). But the calculation for how much you will benefit should also include the impact of increased data quality and accuracy.
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Monitoring and reducing an organization’s environmental impact is an increasingly important matter for businesses and government bodies around the world. Digitalizing the handling of business documents such as invoices reduces not only paper consumption but also emissions from transportation and shipping.
WHAT ARE THE DRIVING FORCES
Digital transformation is no longer an option; it’s imperative. And that’s going to impact how fast the world moves forward. As you saw in the overview of the E-Invoicing landscape, market maturity may vary but driving forces are similar throughout. And what do they havein common? Digitalization necessary and fundamental first step in achieving successin any market.
Driving force: Automation
A rapidly growing number of disruptive next- generation technologies have been shifting the world towards new digital solutions. They pave the way to substitute old methods and processes with new services and new government control tools.
Driving force: Government legislation
The private sector was the main driver for market development during initial phases of e-invoice adoption around the world; now however, it is governments that are increasingly driving this change. Amongst others, confront- ting tax evasion and the VAT gap are the prominent accelerators for digitalizing domestic invoice distribution and tax reporting.
Main drivers for legislation
Reducing the tax gap Increasing governmental and
business efficiency
Reducing environmental impact
Driving force: SUSTAINABILITY
Monitoring and reducing an organization’s environmental impact is an increasingly important matter for businesses and government bodies around the world. Digitalizing the handling of business documents such as invoices reduces not only paper consumption but also emissions from transportation and shipping.
Driving force: The next normal
For many businesses, new ways of operating have become standard, such as home office and flexible hours. But defining a new normal looks different for each organization that no longer relies on prior certainties like a fully staffed office, legacy operating systems and manual bookkeeping. Companies of all sizes are looking for easier ways to make and receive on-time payments. Most importantly, these methods and tools have to be reliable no matter what the future holds. Digitalizing your invoicing process—whether inbound, outbound or both—is a step towards reinventing your internal processes without sacrificing efficiency, productivity or security. E- Invoicing creates remote and flexible work environments and opens the door to opportunities for decentralization. With E- Invoicing, you can welcome whatever the next normal may bring.
KPIs and success metrics
Increase your productivity
It is important to select good metrics to measure success early in the project. This will help you evaluate the project but also visualize quick wins and gain momentum in deployment. Here are some examples to get you started:
WHAT'S INCLUDED
Cost per invoice
Time spent per invoice
Invoices processed per full time employee
Staff satisfaction level
DSO (days sales outstanding) for accounts receivable
Straight-through processing rate for accounts payable
Reduced error handling (time spent and frequency of occurrence)
Reduced CO2 emissions
Value of data (e.g. identified savings potential through reliable purchasing data