10 trends for B2B commerce in 2014 according to Basware

December 17, 2013  |  E-procurement, Electronic Invoicing, Payment

2014 150x150 10 trends for B2B commerce in 2014 according to BaswareWhile the global economy is beginning to bounce back and while we are facing the end of 2013, it is time to predict what 2014 will bring us. Basware predicts that 2014 will become the year of innovative payment strategies. Basware further predicts the rapid rise of e-invoicing and e-payment services over the next year thanks to social, mobile and cloud computing. And furthermore: internal and external collaboration driven by Accounts Payable and real-time analytics.

These are the Basware B2B e-commerce predictions for the next twelve months:

2014 will see suppliers turning to supplier portals as well as onboarding services to make invoicing faster and more accurate.
Finance and procurement professionals will see rapid growth of realtime online e-invoicing, e-ordering and e-payment services to meet increasing demands. They will come to expect open, engaging digital experience and ease-of-use also in their finance and procurement solutions.
Following in the footsteps of buyers, suppliers are beginning to realise how expedited invoicing can improve cash flow and allow them to benefit from real-time financial data.
Local governments will continue to play a pivotal role in pushing national economies to apply e-invoicing.
Networks are infiltrating people’s day-to-day lives more than ever before, so it is only natural for this to also happen in the workplace. Business networks will continue to have significant impact on the development of procurement and payables in 2014.
For next year Basware expects to see the rise of innovative e-payment solutions that will address both sides of the payment issue: they will speed up slower invoice processing and invoice payment to ensure that suppliers will get paid upon invoice approval, while extending terms for buyers.
E-paymentsolutions will be integrated with e-invoice solutions to offer huge opportunities to both buyers and sellers.
finance and procurement leaders will be using technology to drive out complexity and inefficiency from core processes. They will dismantle the silos separating finance, procurement and treasury and adopt automation solutions, e-invoicing and open commerce networks to work smarter.
Cash flow concerns are being fueled by large companies that are extending their payment terms with suppliers to free up cash for their organisations. With terms now typically 60-100 days, the impact on suppliers — particularly smaller ones — can be severe, jeopardising financial stability as well as creating risk in the supply chain.
In 2014 the accounts payable team, which holds the knowledge of actual spend, will increase collaboration across the company. It will continue to implement social, mobile and cloud-based e-invoicing and e-payment solutions to make information more accessible and drive change across the organisation.
In 2014, companies will rely even more heavily on analytics, working not only across their purchase-to-pay process but also across their whole network of buyers and suppliers to aid decision-making. The use of real-time analytics will help identify financial bottlenecks and opportunities for cost savings. It will collate information from across the network to uncover trends that help improve cash-to-cash conversion cycles and critical performance indicators such as days’ sales outstanding and days’ payment outstanding.

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