Key findings from the 11th electronic invoice adoption benchmark report

Based on the results from 250 accounts payable and procurement professionals at U.S. based enterprises, the 11th electronic invoice adoption benchmark report from PayStream displays some interesting results.

More and more companies are migrating to a centralized system, where invoices are approved and paid from one central location.The top accounts payable automation goal for 2012 was electronic invoicing, with 37 percent of survey respondents reporting eInvoicing as their top goal. But wait there is more:

  • 86%: Purchasing cards represent the most widely used technology with 86 percent adoption rate.
  • 84%: Electronic payments are widely adopted with an 84 percent adoption rate.
  • 75%: Over a quarter of survey respondents report they would like to achieve at least 75 percent electronic invoicing technology.
  • 64%: The top barrier to electronic invoicing is the shortage of IT resources – 64 percent. This is a dramatic increase from only 7 percent in 2011.
  • 59%: The primary method used to trade business-to-business invoices is paper at 59 percent.
  • 56%: 56% of survey respondents ranked the reduction in procure-to-pay cycle time as the top benefit achieved from the usage of electronic invoicing.
  • 46%: Nearly a quarter (24 percent) of survey respondents are currently utilizing electronic invoicing and 46 percent are currently evaluating the usage of eInvoicing.
  • 37%: The top factor driving organizations to focus on electronic invoices is the reduction in overall processing costs.

Download the Electronic Invoice Adoption Benchmark Report here


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