At last week's SharedServicesLink Finance Shared Services & Outsourcing Summit in Dallas, attendees voiced their concerns about inefficient invoice processing. Here's a sample of the challenges that many Shared Services organizations face:
"All paper invoices. Manual data entry. Too many blocked invoices."
"Moving ahead with EDI, but the going is slow, with a handful of connections."
"We've outsourced the scanning of paper invoices, but have a high exception rates from too much paper."
"Totally manual process, limited PO usage, many small local suppliers, 21 days to approve an invoice."
"50% EDI, but still have 25,000 paper invoices each month."
"We have a scanning and workflow solution, but still have to touch every invoice manually."
Any of these sound familiar to you?
It's no wonder that electronic invoicing has become a major initiative within Shared Services organizations, even for those that have outsourced the invoice management process. E-invoicing eliminates the problems of paper invoices, from processing delays, data entry errors, supplier inquiry calls, and lost discounts.
E-invoicing's future is the subject of next month's webinar, "The Forces Affecting E-Invoicing's Future." I hope you can join us on November 15, 10am EST, for the latest in our Best Practice webinar series.
And if you plan to attend this week's IOFM Accounts Payable Conference & Expo in Las Vegas, visit our booth or attend our Thursday afternoon session on benchmarking and performance measurement.