The info graphic is a testimony of how paperless invoicing is the call of the hour in modern business practices.
To begin with a total of 350 billion invoices are generated every year and most of it is in the form of paper. More than half of these invoices are Business to Consumer while the rest is B2B. Retail industry has about 10% share in the invoicing market. With so much activity around invoices, e-Invoices are the need of the hour.
Benefits of e-Invoicing include real-time data delivery, reduced costs, simple process, less error, multi format and eco-friendly.
So how exactly was e-Invoicing developed? The process began in the later part of 1990s with banks and industries, where applications for electronic bill and invoice payment were developed. The new millennium saw multiple developments but without any standardization. Hence the system lost its hold and the growth stagnated.
In the recent years more sectors are adapting to the concept of e-invoice and using web based solutions (XML) and PDF for invoicing. The resistance from suppliers is also declining. Growth of e-Invoicing has been projected at 50% market penetration by the end of the decade in the developed nations. Developing countries will also follow in their footsteps.