World Business Information 2021

Business have been working fast and furiously to change or change their business information 2021 since March. Whether this has led to supply chain disruptions, problems with working from home, savings or overdue, their reactions so far have probably been reactionary. With the start of the new year, it's time for businesses to put on their plans for business information  2021 and a prevention hat.

What is 2021 and how to prepare? While other unexpected malfunctions may occur, the following five trends cover most of what procurement professionals need to be prepared for.

The more rules you have for your electronic invoice, the higher your risk. Government contracts and standards will continue to grow in terms of invoice receipt, processing and storage. The latest electronic invoice orders from India and Germany are a good example of this. From the beginning of 2021, global organizations can expect to engage in e-invoicing in more countries.

The government is gradually transitioning from a post-audit model to a post-approval model (pre-compliance with accounting standards) to maximize tax revenue. In addition, government powers are geographically very different and are constantly changing. Why do you need to prepare? Penalties for violations can be serious.

Bottom Line: Global pricing and tax compliance is complex, granular, and constantly changing. This means compliance can no longer be an idea.

Until recently, companies defined automation strategies and evaluated whether they could address compliance issues as well. Now and in the future, the process has increased. For global companies, compliance should be a minimum requirement of your automation strategy.

When automating your supply chain processes, you need to choose a service provider that can support your compliance needs in the area you operate.

Green invoice and payment automation. A new study by Coyote Logistics found that 81% of businesses are more sustainable today than they were three years ago. From initiatives to increase recycling or recycling to carbon neutrality, brands are committed to sustainability.

In many industries, green is no longer an option. According to McKinsey, consumer goods companies must cut greenhouse gas emissions by more than half (92% of sales) to meet their 2050 targets. How to turn green.

Paper is clearly a problem in the financial supply chain, especially when it comes to accounting and checks. Paper prices outweigh inefficiencies and increased processing costs. Nearly 10% of trees cut globally are converted to invoice paper. For an organization that receives 20,000 bills per year, this is equivalent to 96 trees, 300 tons of water and 24 tons of carbon dioxide per year. By switching to electronic invoices and payments and automating other processes in the financial supply chain, companies can reduce their paper and carbon dioxide emissions and consequently reduce their carbon footprint. The shift from paper-based systems to e-invoicing actually reduces emissions by 36%.

So, when looking for ways to reduce your carbon footprint in your supply chain, consider automating electronic invoices and payments first.

Dangerous areas exposed to infectious diseases. Communicating with suppliers around the world can help you find a supplier that fits your needs. But it also allows for something imperfect: the risk in the supply chain. The pandemic further emphasized these risks when companies first struggled with supply chain disruptions.

According to reports from Resilience360 and Business Continuity Institute, 73% of businesses have reduced supply due to the coronavirus pandemic, and 40% plan to pay more attention in the future.

As a result, many companies seek to automate their risk management processes with solutions that increase the visibility of the entire supplier ecosystem and reduce the costs and human resources associated with that process.