COVID-19 has changed everything, including the way of operating and the style of functioning. The shift to working from home has exposed the inefficiencies associated with paper invoices and checks in the B2B space. As banks remained closed, paper invoices and checks delivered to offices sat in unopened envelopes. The momentum continued through 2021.
Digital is emerging as the latest industry trend for sending customers the request-to-pay reminders and giving them access to faster, more convenient payment options. Unlike the conventional paper-based invoicing methods, digital invoices can be sent to customers on mobile and email, accepting digital payments over credit card, ACH and bank-to-bank transfers.
Download this eBook to know how digital B2B invoicing and payments is becoming an immediate priority for businesses
- Digital invoices and their advantages
- Digital payments and their advantages
- Impact on customer experience
- Impact on cash application
A glimpse into this eBook
Digital Assistants (aka AI-powered Digital Assistants):
- Assist your workforce and provide information to Management
- Engage and assist customers 24/7/365
- Perform repetitive tasks
- Automate most manual processing tasks
AI-Powered Digital Assistants utilize advanced technology to:
- Eliminate 70-90% of the manual work in credit, collections, cash application, and deductions resolution
- Free up staff from repetitive tasks to focus more on higher value-add tasks
Emagiaâ€™s Digital Assistant is named Gia
- Digital Payments, aka Real Time Payments (RTP), and â€śFrictionless Digital Paymentsâ€ť are electronic payments that transfer funds and Remit Advice
- Digital Payments are made directly between buyer and seller through a direct, secure, internet connection on an Account to Account (A2A) basis (~ EDI)
- Digital Payments support multi-currencies and are executed faster, and fraud-resistant
- Enhance Customer Experience by accommodating their payment preferences, and enabling them to schedule payments in future
- Reduce Costs: such as lockbox processing charges, credit & debit card fees
- Low Cash Application Costs: Digital Payments convey more complete remittance information using common standards to increase auto-cash hit rates and application accuracy
- Digital Invoicing (aka E-invoicing and E-billing) is electronic delivery of an invoice to a customer (vs paper invoice sent via Postal Service). EDI Billing is Digital Invoicing
- Digital Invoicing can deliver invoices with 99% and above accuracy
- The movement to working from home driven by the pandemic in 2020 exposed the inefficiencies of paper invoices and paper checks in B2B commerce.
- Banks were closed. Paper invoices & checks delivered to offices sat in unopened invoices. As a result, the pivot to Digital B2B invoicing & Digital payments was accelerated
- Digital Invoicing is becoming a requirement/ preference of most customers. Meeting customer requirements leads to faster payments & a better customer experience
- Digital Payments are faster, lower cost, more secure and preferred by many customers to paper checks
- AI-powered Digitization and Automation are the key enablers for these capabilities. With cognitive and human-like smart conversational capabilities, along with continuously evolving job skills, Digital Assistants can perform a number of tasks in the Order-to-Cash process.