Prepared for Sunil | Delivered January 16, 2020
Automated Invoice Processing
Review your project details
Provide a market analysis for Automated Invoice Processing, including potential in terms of industry, company size and/or revenue, average spend, ROI, and geography
Automating invoice processing is noted to be "
one of the fastest growing trends
in the business arena".
This is likely due to the fact that automation software gives the average business the ability to increase transaction volume by
15 to 30%.
Enterprise size businesses with high invoice volume shifting from analog to automated invoicing can see up to an
in processing costs as well as
faster processing time.
The B2B US payments market is a
$22 trillion market
, however many of these are still processed analog, due to entrenched habits and limited resources.
Analog payment processing can create inefficient execution, causing payment cycles with errors to take up to
30 to 90 days
to process completely.
The demand for analog payment processing solutions has created
providers in many areas
, with software companies, card networks and providers, banks, and payment networks all attempting to create Automated Invoice Processing platforms.
Key companies in the space
Chase, MineralTree, Oracle, SAP, SWIFT,
, Visa, Xerox.
of businesses surveyed noted they are looking to add automation to their
While large enterprises have high budgets for automated invoices, they are more l
ikely to already be using them
than smaller companies. Thus, the target markets for
Automated Invoice Processing are small to medium businesses, middle market businesses, cross-border companies, and processes related to the gig economy.