INTTRA release study findings that show 81% of surveyed ocean shippers look to cut costs through e-Invoicing in 2013.
The findings were based on a global study of high-volume shippers and freight forwarders that included 4 of the top 5 global logistics providers.
Four years of economic volatility have intensified pressure on carriers and shippers to seek new ways to reduce costs and have seen no relief on pressure to increase service levels. One cost reduction method that has demonstrated results across government and commercial sectors is electronic invoicing (e-Invoicing). Once referred to simply as a “best practice,” e-Invoicing is emerging as a critical cost reduction tool for companies in or those impacted by the struggling ocean shipping industry.
The 2012 global study found that:
- 81% of respondents want to receive invoices electronically in 2013.
- 77% rate “managing disputes” as their greatest invoicing challenge, with reducing the “time and cost to process invoices” as a close second at 68%.
- The top 10 country e-Invoicing launch preferences for shippers include the United Kingdom, China, the Netherlands, United States, Germany, Singapore, Australia, France, Hong Kong and Italy.
"Invoicing, dispute resolution and payment processes are highly fragmented across the industry and represent a significant area of cost and inefficiency,” said Otto Schacht, Executive Vice President of Sea Logistics at Kuehne + Nagel, one of the world’s largest freight forwarders. “Logistics providers and their ocean carriers can benefit from standardizing the process, improving visibility to their cash liabilities and providing a more transparent invoicing process, all of which save time and resources."
INTTRA’s 2012 e-Invoicing survey participants included more than 30 high volume ocean shippers and freight forwarders, including 4 of the top 5 freight forwarders in TEU volume. The survey was conducted through the fall of 2012 via one-on-one interviews and electronic surveys with Director and above executives from Commercial, IT and Finance.