If you are an eCommerce aggregator, or a channel driven business, you know the pains of Channel management and its cost impact on your organization. To start with, the onboarding process itself requires a good amount of paper, courier, etc. This paper driven process slows down operational processes and creates unwanted liabilities arising from damage and fraud/ With the requirement to collect a vast array of documents sometimes ranging from KYC proof to tax compliance certificates, an average onboarding process can take up to 25 days!
90% of all invoices worldwide are still processed manually.
Why do some businesses still use paper invoices, even as technology has made such advancement in recent times?
What companies need to do is first define and quantify the problem—and then evaluate how much better they could be doing with payment automation. This brings in the question of how do we truly Measure the Cost of Paper?
Broadly there are 3 costs associated: