The way companies buy from each other has not changed much over the last few hundred years.
Companies buy a staggering $127 trillion worth of goods and services from each other per annum, and the vast majority of these transactions involve documents such as purchase orders (PO’s) and invoices.
Companies spend between $16 and $22 to process an invoice
A recent Goldman Sachs report estimated that on average companies spend between $16 and $22 to process an invoice, with best-in-class companies spending a mere $4 per invoice. With over 100 billion B2B invoices sent each year, the same report estimates that over $1 trillion economic value is lost when comparing the most efficient processors with the least.