A recent Researchandmarkets report valued the e-invoicing market at $1.2bn in 2019 and will reach $4.2bn by 2027.
As an SAP user, do you have enough flexibility to follow the move? You probably find your ERP is a very reliable and trustworthy system. However, it’s often cumbersome to adapt to a changing environment like this one.
Don’t worry! Your order-to-cash process can be dramatically improved, leading to enhanced customer satisfaction. And here are some hints:
Improving invoice look and feel
Adding customer-centric information on the invoice, such as a QR code, provides an easy way to pay or justifies the invoice by attaching the order form and impacts. And this is quickly done with an external document management solution.
Modernizing invoice distribution
Think about it, do your customers prefer receiving a link on a portal to view an invoice or a letter? What is the quickest to process? The answer is straightforward. A link to a portal has additional advantages, such as providing you the ability to know when the invoice has been open. A precious help in your collection process.
Thanks to an SAP-certified solution, this can be set up in a matter of hours, not weeks.
Enhancing the payment process
The previous Mastercard study showed that the current situation had prompted 76% of companies to make electronic payments in the US. Therefore, they have changed the way they send and receive payment. It increased by 81% customer satisfaction. The same study shows that SMB employers in the US turn to business e-payment for more security and transparency.
An external Document Management can take care of that while your SAP system remains your core application.
Adapting your SAP system to e-invoicing platforms
In Europe and Asia, there’re PEPPOL in European countries, Singapore, New-Zealand, and Australia, and national policies (Chorus Pros, Mercurius, Facturae…), B2G, or B2B programs drive e-billing practices. Also, the E-way bill, digital signature, and e-invoicing, since last July according to the GST regime in India… A drastic change is currently taking place in the order-to-cash process.
With significant consequences :
- You may need to convert your good old PDF invoices into an XML format.
- A specific connector is necessary to deposit your invoices on each platform.
- And how about their status? Have they been accepted or rejected? Put on hold because your customer requires additional information?
Digital transformation and interoperability are the way to adapt to new requirements and cater to every business user’s needs.
To allow this interoperability, companies set up third-party software. First and foremost, this system speeds up the order-to-cash workflow by 80%. Also, it adds more value to your business. Ultimately, it digitally transforms other outgoing document processes such as purchase-to-pay or e-payslips.
The results? Traceability, efficiency, consistency, and productivity.
Do you need to add flexibility to your SAP system?Check out our SAP External Document Management Solution