European businesses could save up to 80 percent through electronic billing and invoicing
European businesses should accelerate towards full e-billing and invoicing to help achieve savings of up to 80 percent says this year’s Billentis Report, sponsored by Ricoh, which predicts that 42 billion e-bills and invoices will be issued globally this year. Produced annually, the Billentis Report is designed to help organisations become more informed on e-billing and invoicing by providing market data and analysis to help them understand current and future business impacts.
In recent years, government initiatives throughout Europe have been encouraging businesses to move towards paperless billing. Denmark is one of the earlier pioneers, banning paper invoices from its public sector in 2005. As a result, today e-invoicing saves Danish taxpayers €150 million a year, and businesses €50 million. In Italy, the government’s adoption of an e-procurement system has reduced costs by over €3 billion.
Edward Gower-Isaac, Vice President, Business Process Services at Ricoh Europe says: “Digitisation is undoubtedly a key driver of the growing pan-European appetite for e-invoicing. Businesses realise that ‘going digital’ is no longer a differentiator, but a paramount requirement for any organisation with hopes of a long-term future. In a 2014 survey conducted by Coleman Parkes, sponsored by Ricoh Europe, 73 per cent of business leaders said that achieving digital maturity would directly lead to an increase in profits, while 62 per cent agreed that it would increase their organisation’s appeal to potential investors and new owners.”
The same study also revealed how 50 per cent of business leaders felt they could not achieve digital maturity without the support of an external partner.
“As with any change-based programme, organisations are rightly seeking external help as they make the move to e-invoicing. Ricoh’s Invoicing Services allows businesses to easily manage both paper and digital invoices at the same time. Not only do they stand to benefit from third-party expertise, their workforce is relieved of this often laborious and time consuming task. Crucially, this gives them the capacity to undertake other business-critical and cash generating activities.”
However, digitalisation of invoices alone is not enough for businesses to fully achieve automated invoicing. Many European businesses are still experiencing extremely high exception handlings – personal interaction during the invoicing process. This is due to poor or inaccurate data in the invoices themselves. Inaccurate information on B2B invoices is a major reason for payment delays – and e-invoicing is an excellent vehicle to address inaccurate information.
Download the report to find out more at www.ricoh-europe.com/invoicing.
Automation of repetitive tasks leads to higher value work
Two-thirds of global office workers feel they are constantly doing the same tasks over and over again. That’s according to a new study (2021 Office Worker Survey) from automation software company UiPath.
Whether emailing, inputting data, or scheduling calls and meetings, the majority of those surveyed said they waste on average four and a half hours a week on time-consuming tasks that they think could be automated.
Not only is the undertaking of such repetitious and mundane tasks a waste of time for employees, and therefore for businesses, but it can also have a negative impact on employees’ motivation and productivity. And the research backs this up with more than half (58%) of those surveyed saying that undertaking such repetitive tasks doesn’t allow them to be as creative as they’d like to be.
“When repetitive, unrewarding tasks are handled by people, it takes time and this can cause delays and reduce both employee and customer satisfaction,” Gavin Mee, Managing Director of UiPath Northern Europe tells Business Chief. “Repetitive tasks can also be tedious, which often leads to stress and an increased likelihood to leave a job.”
And these tasks exist at all levels within an organisation, right up to executive level, where there are “small daily tasks that can be automated, such as scheduling, logging onto systems and creating reports”, adds Mee.
Automation can free employees to focus on higher value work
By automating some or all of these repetitive tasks, employees at whatever level of the organisation are freed up to focus on meaningful work that is creative, collaborative and strategic, something that will not only help them feel more engaged, but also benefit the organisation.
“Automation can free people to do more engaging, rewarding and higher value work,” says Mee, highlighting that 68% of global workers believe automation will make them more productive and 60% of executives agree that automation will enable people to focus on more strategic work. “Importantly, 57% of executives also say that automation increases employee engagement, all important factors to achieving business objectives.”
These aren’t the only benefits, however. One of the problems with employees doing some of these repetitive tasks manually is that “people are fallible and make mistakes”, says Mee, whereas automation boosts accuracy and reduces manual errors by 57%, according to Forrester Research. Compliance is also improved, according to 92% of global organisations.
Repetitive tasks that can be automated
Any repetitive process can be automated, Mee explains, from paying invoices to dealing with enquiries, or authorising documents and managing insurance claims. “The process will vary from business to business, but office workers have identified and created software robots to assist with thousands of common tasks they want automated.”
These include inputting data or creating data sets, a time-consuming task that 59% of those surveyed globally said was the task they would most like to automate, with scheduling of calls and meetings (57%) and sending template or reminder emails (60%) also top of the automation list. Far fewer believed, however, that tasks such as liaising with their team or customers could be automated, illustrating the higher value of such tasks.
“By employing software robots to undertake such tasks, they can be handled much more quickly,” adds Mee pointing to OTP Bank Romania, which during the pandemic used an automation to process requests to postpone bank loan instalments. “This reduced the processing time of a single request from 10 minutes to 20 seconds, allowing the bank to cope with a 125% increase in the number of calls received by call centre agents.”
Mee says: “Automation accelerates digital transformation, according to 63% of global executives. It also drives major cost savings and improves business metrics, and because software robots can ramp-up quickly to meet spikes in demand, it improves resilience.
Five business areas that can be automated
Mee outlines five business areas where automation can really make a difference.
- Contact centres Whether a customer seeks help online, in-store or with an agent, the entire customer service journey can be automated – from initial interaction to reaching a satisfying outcome
- Finance and accounting Automation enables firms to manage tasks such as invoice processing, ensuring accuracy and preventing mistakes
- Human resources Automations can be used across the HR team to manage things like payroll, assessing job candidates, and on-boarding
- IT IT teams are often swamped in daily activity like on-boarding or off-boarding employees. Deploying virtual machines, provisioning, configuring, and maintaining infrastructure. These tasks are ideal for automation
- Legal There are many important administrative tasks undertaken by legal teams that can be automated. Often, legal professionals are creating their own robots to help them manage this work. In legal and compliance processes, that means attorneys and paralegals can respond more quickly to increasing demands from clients and internal stakeholders. Robots don’t store data, and the data they use is encrypted in transit and at rest, which improves risk profiling and compliance.
“To embark on an automation journey, organisations need to create a Centre of Excellence in which technical expertise is fostered,” explains Mee. “This group of experts can begin automating processes quickly to show return on investment and gain buy-in. This effort leads to greater interest from within the organisation, which often kick-starts a strategic focus on embedding automation.”