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Today, corporates across industries consider the implementation of e-invoicing systems as part of their broader e-procurement strategy. Corporates take the lead in guiding their supply chain partners towards more efficient and dematerialized supply chain processes. While these digital transformation trajectories yield substantial benefits when executed properly, corporates face challenges in capitalizing on this opportunity in their supply chain. These challenges differ according to a corporates’ adoption phase of digital transformation, as depicted in attached picture.
The key to maximizing the Return on Investment (ROI) and minimizing break-even time of digital transformation projects (ie. realization and implementation of e-invoicing) is to ensure high supplier adoption rates in phase 4. While this sounds logical, less than 20% of corporates are successful in achieving adoption rates higher than 40% (of total invoice volume, source: Glenbrook, 2010).
There are many factors determining the potential success of your adoption strategy, including how ‘closed’ your industry is and the level of standardization in your domain. Many other factors are within the corporate’s span of influence. A number of important practices are:
There are many more ways for corporates to stimulate supplier adoption and to successfully execute digital transformation projects (ie. e-invoicing). However, supplier adoption is a key objective that should be the core theme in any digital transformation program of a corporate.
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
Galong Yao CGO at Bamboodt
08 July
Alex Kreger Founder and CEO at UXDA Financial UX Design
07 July
Anjna McGettrick Global Head of Strategy Implementations at Onnec
Nkahiseng Ralepeli VP of Product: Digital Assets at Absa Bank, CIB.
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