The Institute of Financial Operations recently hosted a webinar featuring Jason Busch, Executive Editor at Spend Matters. I thought the webinar provided a very insightful perspective on why customers should consider e-Invoicing and how to approach their projects.
The overriding theme of the presentation was on enhancing purchase to pay (P2P). Now that many accounts payables (A/P) departments have achieved significant labor savings through centralization and the implementation of workflow, they should begin to focus on initiatives that enhance the effectiveness of the P2P process. He asserts that e-Invoicing is a critical piece of the infrastructure (which he equates to the plumbing in a house) that enables this transformation.
Jason argues that when companies implement e-Invoicing, the emphasis shifts to straight-through invoice processing. This requires quality inputs into the A/P process and the reduction of errors at source. By eliminating latent steps or delays in the payables cycle, he believes that A/P departments create a new level of P2P-process visibility and working capital optimization.
Through a broad, successful electronic invoicing deployment, Busch says, “AP organizations will realize how much they previously missed by not addressing quality through the most logical step possible – ensuring that errors do not occur in the first place.”
Watch a recording of the webinar, 'E-Invoicing: Past, Present and Future – Unlocking Today's (and Tomorrow’s) Possibilities with Procurement and Finance' on our website.