As innovative digital technology continues to rapidly progress in the world, modern businesses are being compelled to adapt with online trends to keep up with their customer’s expectations and needs. Significantly, this includes transforming electronic payment methods to streamline workflow productivity and meet rising expectations.
This transition seems simple enough, yet with the dynamic factors involved businesses may get bogged down in the details. Let’s explore these dynamic factors and trends, in an effort to help clarify and bring understanding to electronic payments for modern businesses.
The Cloud is Fueling the Change
More specifically, cloud and mobile computing technologies are fueling the change in the way businesses and organizations operate from the inside out. Within the last decade, since mobile devices have become widespread, businesses have been offered new and more efficient ways to streamline their workflow processes, including: electronic payments, e-invoicing, paperless workflows, and automation.
The many benefits of moving business processes to the cloud are compelling businesses to make the transition; cost and time savings being the two main benefits, which appeal to any business’s bottom line. Nevertheless, with such rapid changes in: mobile technology, B2B and B2C practices, and consumer behavior, businesses have been reticent to ditch their paper processes all together.
One of the most dynamic factors, concerning modern business and online technology, is the connectivity of world-wide markets. With the help of the cloud, world-wide markets are able to connect and conduct business in real-time. This means markets and possibilities have expanded for small to large businesses alike.
In the process of taking advantage of the emerging possibilities presented with new online technologies, businesses are also trying to find solutions to reach interoperability with disparate systems. The dynamics involved with this task include: politics, government mandates, business practices, consumer behavior, currencies, languages, and more.
The dynamic factors involved in electronic payments, e-invoicing, and paperless business processes in general, also include the different sizes and types of industries being connected. Basically, not all businesses have the same preferences, values, needs, and goals; the challenge of creating software solutions to meet these different factors has been given to innovative software companies like iPayables.
The Future of Modern Business
Getting paid and paying the bills are the two most important aspects of doing business, because without these there would be no business. For this reason, electronic payments, e-invoicing, and automated accounting processes have been adopted slower than marketing and other business processes. Understandably, businesses have been cautious about transitioning these aspects of their workflow processes because of security and continuity concerns.
Yet, as software and the cloud advance and become more secure, businesses are becoming more confident in making the transition to: electronic payments, e-invoicing, paperless workflows, and the automation of these processes.
Basically, the future of business is in the cloud, which means e-invoicing, electronic payments, paperless processes, and automation will become the standard and norm for nearly all businesses. Europe is already projected to achieve 95% e-invoicing by 2024, partly because of government mandated legislation, while approximately half of U.S. businesses are already using this method.
For medium to large businesses, making the transition to e-invoicing, electronic payments, and paperless processes is already a great way to save a significant amount of time and money; for small businesses, the benefits are monetarily less, yet still significant considering the improvements in: compliance, security, efficiency, collaboration, audits, and time-savings.
As online technologies continue to rapidly advance, modern businesses are being compelled to pay attention to electronic payment trends; transitioning to e-invoicing, automated business processes, and the cloud, greatly streamlines workflow processes and positions businesses for success in the present and future world.
Finding the right software partners to work with when making this transition makes all the difference for modern businesses. iPayables is the leading provider for Electronic Invoice Presentment and Payment (EIPP) services; we have the experience, services, and prices that modern businesses need to comfortably and confidently make this important transition. If interested in learning more please contact us today.