Organisations are always looking for ways to make their operations run more smoothly, and to strip out cost and inefficiency. Responsible corporate executives are also increasingly aiming to reduce their carbon footprint. The good news is that you can do both by embracing electronic supplier payments via the Invapay platform.
The P2P cycle
The procure to pay cycle might vary considerably from company to company. One thing that many organisations will find the same is their reliance on paper to process invoices, print out purchase orders, reconcile payments and pay suppliers. Companies use on average 10 pieces of paper per transaction. Now multiply this by the number of suppliers and transactions you process each month and you can soon start to understand the environmental impact.
Some 80% of FTSE 350 and public sector organisations process 2,000+ invoices every month, according to new Optal research. With one tree representing an average of just 11,500 sheets of A4, it doesn’t take long before your P2P cycle starts to cause lasting damage to the environment.
The bottom line is that there is an alternative: organisations should be looking to electronic payment processes to improve their green credentials and save money.
The Invapay platform in conjunction with our eMarketplace partners offers a great opportunity to remove paper from the P2P cycle. Electronic data files flow instead of paper equivalents and the Invapay platform delivers an electronic payment to suppliers without them needing to be card capable. An electronic payment file and remittance advice are delivered to buyer and supplier respectively, thus eliminating further paper processes. It’s a highly efficient, optimised way to handle B2B payments, saving time and money and improving security and auditability. In so doing, you also eliminate those 10 pieces of paper used per transaction because the whole process is completely electronic.
Therefore, if you’re looking for a tangible and impactful way to reduce your carbon footprint and support the drive to become a more responsible corporate citizen, look no further than utilising Invapay technologies.