Converga InvoiceMe (einvoicing) Report 2 of 3. Whitepaper

Transcription

1 Converga InvoiceMe (einvoicing) Report 2 of 3 Whitepaper

2 This is the second in a three part series of papers from Converga which will outline various issues and benefits which revolve around einvoicing. This paper will seek to analyse historical barriers to einvoice adoption and look at how these barriers have been overcome by the Converga einvoice InvoiceMe solution. What is einvoicing and how will it benefit your company? Unfortunately for many Asian-Pacific companies invoice processing represents a huge cost. Accounts payable teams spend hundreds of hours re-keying, processing and archiving paper-based invoices 1. So, einvoicing involves the complete online automation of a company s end-to-end invoice process. This means removing all paper invoices from the accounts payable process in order to push cost savings, efficiency gains and increase visibility and control over your companies accounts payables. The unique Converga InvoiceMe einvoice solution uses a combination of ed PDF invoices, Electronic Data Interchange (EDI) and the Converga InvoiceMe Portal to deliver invoices from your supplier electronically to your AP or ERP solution bypassing the traditional paper based methods of invoicing. Importantly, when invoices are routed electronically, they are immediately visible and actionable to all relevant parties, irrespective of where they are located geographically 2. When companies combine the new Converga InvoiceMe solution with the existing Converga P2P invoice workflow solution, then companies are able to maximise the benefits of a fully automated invoice process. 1 EGS, Introduction to Electronic Invoice Management (einvoicing), PaystreamAdvisors, Technology Insight Report, Electronic invoice Management, Whitepaper - Converga InvoiceMe (einvoicing) Part 2

3 Historical Barriers to einvoicing adoption in the Asia Pacific So with all the potential benefits for both buyers and suppliers in the invoice process, why have companies been slow to adopt einvoicing? Even in Europe and the America s where einvoicing has seen its greatest adoption rates the potential for further growth in einvoicing is still significant. Historically, barriers to einvoice adoption include technical challenges and resistance to change, issues with supplier on-boarding and the large initial capital investment involved. The Converga InvoiceMe solution seeks to remove all these barriers to einvoice adoption. Technical challenges and legacy resistance Companies are often entrenched in the way they want their invoice process to run. This is sometimes called legacy resistance. If you combine this resistance to change with companies concerns around the ability of new einvoicing technology to seamlessly integrate with a variety of legacy systems, this can help explain why einvoice adoption rates among many companies are low. This is especially true in the Asia Pacific region. However, state-of-the art applications available in the market today that integrate seamlessly with back end systems and provide secure data transfer protocols are enabling companies to overcome their initial resistance to automation 3. Converga has the ability to integrate with AP departments of any size and from any industry. As such, concerns around the technical challenges involved in einvoicing are minimised with the Converga InvoiceMe solution. 3 PaystreamAdvisors, Technology Insight Report, Electronic invoice Management, Whitepaper - Converga InvoiceMe (einvoicing) Part 2 3

4 Supplier resistance to on-boarding and the Converga Supplier Enablement Program Implementing an einvoice solution involves suppliers sending invoices in one of several electronic methods. However, supplier resistance to einvoicing has historically been a potential issue for companies implementing an einvoice solution. This is surprising considering that there are many benefits for the suppliers, including faster payment times and increased visibility. However, in many cases, buyers have failed to effectively communicate the value of AP automation initiatives to their suppliers 4. Convincing suppliers to send invoices electronically is one of the key aspects of the Converga InvoiceMe solution. Since, maximising the number of suppliers that can submit electronic invoices will enable the organisation to maximise its savings through einvoicing. Key to this is meeting suppliers at their level of technological capability 5. Within the Converga InvoiceMe solution Converga takes on the responsibility of onboarding our clients suppliers. Converga employs a dedicated supplier on-boarding team and implements Converga s Supplier Enablement Program, which contacts our client s suppliers on their behalf. The Converga Supplier Enablement Program guarantees high supplier adoption by offering suppliers multiple options dependent upon their size and technical readiness. So, Converga will communicate with our client s suppliers to determine which einvoice method is most suitable. For example, smaller suppliers will generally be most suited to sending invoices via ed PDF s or the Converga portal, this usually requires very little change to their current process and can result in significant cost savings. Other suppliers may well be more suited to an EDI einvoice option. 4 PaystreamAdvisors, Technology Insight Report, Electronic invoice Management, EGS, Introduction to Electronic Invoice Management (einvoicing), Whitepaper - Converga InvoiceMe (einvoicing) Part 2

5 Capital Expenditure Previously companies have delayed implementing an einvoicing solution because they perceived that the initial capital outlay was too large. This is especially true for EDI. However, hosted solutions and Software-as-Service (SaaS) delivery models (such as Converga InvoiceMe) offer minimal implementation costs, with technology providers responsible for maintenance and upgrades 6. As such, the Converga InvoiceMe einvoice solution means that client companies and their suppliers no longer have to outlay a large capital expenditure in order to implement an einvoice solution. Now clients simply pay a modest implementation fee and a per invoice transaction fee. Importantly, unlike many other einvoice providers, the suppliers involved with the clients of the Converga InvoiceMe solution do not have to pay for sending invoices using either the Converga Portal, EDI or PDF s. So with the previous barriers for einvoice adoption all but completely removed now the full benefits of einvoicing are available for all companies from the smallest SME s to the largest multinationals. European and American companies are already capturing the benefits from removing paper invoices from the invoice process. Now it is time for Asian- Pacific companies to realise the full benefits of einvoicing with the Converga InvoiceMe einvoice solution. 6 EGS, Introduction to Electronic Invoice Management (einvoicing), Whitepaper - Converga InvoiceMe (einvoicing) Part 2 5

6 For more information For more information on Converga and solutions please contact: Australia Phone: Web: New Zealand Phone: Web: United States of America Phone: (630) Web: Whitepaper: Converga InvoiceMe (einvoicing) Report 3 of 3 6 Whitepaper - Converga InvoiceMe (einvoicing) Part 2

7 About Converga Converga is a wholly owned subsidiary of New Zealand Post. Converga currently has offices in Australia, United States, New Zealand and Philippines. These offices operate with over 1200 staff. Converga specialises in, among other things, working with our clients to streamline their accounts payable departments and financial functions. This is achieved through the Converga InvoiceMe einvoicing solution. Converga is focused on expanding our expertise throughout the Asia Pacific to help our clients focus on their core capabilities. As a business process outsourcer, Converga has had considerable success, with clients from many sectors including government, banking, retail, mining, education and transportation companies. Visit for more information.