Recent reports are indicating that the global e-invoicing market is experiencing strong growth – with a predicted Compound Annual Growth Rate (CAGR) of as much as 23.3 per cent by 2018. In Europe, this is expected to be close to 12 per cent.
The findings by RNR Market Research show that the public sector accounts for as much as ten per cent of demand for e-invoicing services.
One of the earliest and most enthusiastic adopters of new invoice procedures has been the healthcare industry. Businesses in logistics and utilities have followed suit. Some countries, such as Denmark and Finland, have made e-invoicing a mandatory requirement for all businesses. Spain will introduce the same legislation in January 2015, and France is expected to convert in 2017.
Companies turning to e-invoice solutions can differentiate by discovering a new and more effective method of working. The increases in choice make finding a different provider simpler. Where the national government imposes blanket use of e-invoicing, it is more likely to offer a solution or initiative to businesses in order to support the transition.
As more e-invoicing software providers debut, they’ll need to compete on more than just service. RNR highlights the prospect of some more basic e-invoicing facilities being offered for free in future. Value-added services could also become a USP, such as the ability to add digital signatures to documents and have archives hosted on cloud storage.
Companies will have the freedom to pick and choose the services they want at a cost that’s good for business. New vendors are emerging to challenge some of the already established big providers, broadening the available options.
No matter what the invoicing solution is, the business needs to ensure that information both sent and received is kept secure. The safety of data is one of the reasons cited by Spain’s government for making the transition. Switching to e-invoicing will bring a larger amount of content to the company’s databases in a shorter space of time, and this should be handled accordingly.
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