As you probably already know, e-invoicing, or electronic document interchange (EDI), is the automated and digital exchange of documents between a company and their trading partners/suppliers. An electronic invoice is the digital equivalent of its paper version, meaning all the pertinent information is still there and able to be processed. Electronic documents must also comply with all requirements set by all parties involved.
Just a reminder, a scanned document or PDF is not an e-invoice or EDI document. This means that your electronic invoice must not include any images that cannot be processed through an EDI solution.
Benefits of E-Invoicing with Oracle
In general, there are many benefits to having an EDI solution. We’ve written about these benefits before, as well as the benefits of switching to a SaaS solution for your EDI. But what about the Oracle-specific benefits?
In general, you can save about 70% by switching to e-invoicing rather than sending paper documents back and forth. Things like the cost of paper, printers, ink, and toner are factored in, as well as the cost of time-consuming manual labor – i.e., having an employee who must enter the data into your system every day, which can be a waste of time for a busy finance team.
With Oracle, you will see no extra charge and no additional licensing fee. TIE Kinetix e-invoicing services are automatically included with the Oracle SaaS solution.
It can be estimated that over 6,000 paper invoices are processed each year by a full-time employee. This same employee could process over 90,000 e-invoices.
With TIE Kinetix’s pre-built integration with Oracle, not only are your business documents all processed electronically (which can help with any sudden increased volume of incoming/outgoing invoices), but you also have access to complete B2B messaging solutions and pre-built B2B messages.
Visibility & Transparency
When you adopt an e-invoicing or EDI solution into your supply chain processes, you’re automatically going to get more visibility into your business transaction workflow. This leads to fewer errors and more accessibility, which makes it easy to monitor and analyze.
With the TIE Kinetix FLOW Connector to Oracle Supply Chain Management Cloud, the features allow for seamless integration as well as reporting and analysis options.
Using an e-invoicing or EDI solution eliminates much of the risk associated with sending documents through traditional mail or email. At a time when cyber-attacks are becoming increasingly more common, it’s more important than ever to have a protected supply chain solution.
With TIE Kinetix’s FLOW solutions, security is a top priority. We are constantly reevaluating our solutions to ensure that all our customers have the most up-to-date security features.
The Peppol Benefit
TIE Kinetix is currently the first Oracle partner worldwide participating in the Collaboration Messaging Framework rollout. TIE Kinetix is a member of OpenPeppol and is a Certified Peppol Access Point with ISO 27001, 27017, and 27018 certifications. Since we’re already a Peppol Access Point, Oracle users can access the Peppol network without taking any additional steps.
In addition to invoices, Oracle Cloud SCM users can also exchange Peppol Invoice Response messages and credit notes according to the Peppol BIS standard directly from Oracle Cloud SCM.