Digital invoicing can save businesses and governments time, money, reduce errors from manual data input and increase transparency on spending. The possibilities to improve procurement and strengthen cash flow management are almost endless. But there is one major benefit not always recognized, and that’s sustainability.
E-invoicing service provider Tradeshift is promoting the sustainability efforts that stem from paperless e-invoicing through a new partnership with B2B sustainability rating firm EcoVadis, announced Wednesday (July 22). The collaboration connects Tradeshift’s business users with a way to track their sustainability efforts while simultaneously managing procurement and billing, the companies said.
“As global businesses continue to grow and have a larger footprint both economically and ecologically, sustainability becomes an even more critical issue for companies and those that do business with them,” said EcoVadis Co-CEO Pierre-François Thaler. “Tradeshift shares our philosophy of creating technology that enables better business processes across the planet through a global and sustainable supply chain.”
Together, corporate users can track and improve upon their business’ sustainability practices in the same place they manage their e-invoicing and digital procurement strategy. The companies said that the tie-up hopes to allow corporate buyers to make more informed decisions by exposing risks that could not only harm the environment but could cost a corporate buyer more, damage their brand or disrupt their supply chain.
Tradeshift isn’t the first e-invoicing player to promote the sustainability effects of digital billing. Industry peer Basware has been a longtime supporter of the earth-friendly procurement strategy. For this year’s Earth Day, the company even offered businesses an eco-friendly Earth Day guide to sustainable business practices — a tool that, of course, including e-procurement and e-invoicing strategies.
“The billions of paper invoices being sent around the globe annually are not only contributing to environmental issues, but they are also taking a toll on companies by increasing inefficiencies and cost,” said Basware VP of North America Bob Cohen in a statement at the time. “By getting rid of paper invoices and implementing other green practices, companies can improve their carbon footprint, as well as their cash flow and spend, and benefit from smarter payment strategies and stronger relations with trading partners.”