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34 days and $17 are the average time and cost to process a single invoice.

As the cost of this processing is high and the wait period is long, one would be expected that the payment accuracy would be near perfect, but alas, currently B2B payments have an 18% error rate.

These statistics raise some questions: “why is processing an invoice so expensive,” “how is the error still so large,” and even “how can these stats improve?” The short answer is to adopt electronic invoices and digital payments. 

While 67% of consumer payments are made electronically, it’s hard to imagine that B2B payments on the other hand are dominated by checks, 64% to be exact. There is a disconnect between automation, digitization, and business transactions. 

The minimal cost in transitioning to digital payments is redeemed by the ROI that comes from speed, efficiency, accuracy, and eliminating revenue leaks; this means investing now in digital payments will save companies time and money.

Automation software can allow businesses to increase 15 to 30% transaction volume. This is possible because employees are spending less time manually entering and more time focusing on moving the company forward.

To put the recent growth of the technology industry into perspective, within the last year the first widespread 5G rollouts in the U.S were planned, tech was driving the transformation of other industries, and the use of artificial intelligence (AI) technologies was growing.

As a result, technology companies were able to provide the crucial backbone that enabled employees to work from home. Now is the time for companies to embrace not only using AI primarily to achieve efficiency, but also to transform processes and create new markets. 

With Photon Commerce, cut your invoicing and reconciliation costs by over 90%, and speed up your approvals by 7x today.