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E-Invoicing Will Drive Transformation of M’sian Businesses (Published articles on The Sun & Utusan Malaysia)
September 30, 2024
A summary of the article above –
E-invoicing is more than just a compliance task; it drives digital transformation for businesses in Malaysia, according to Valta Technology Group CEO Jussi Karjalainen. By digitising data, companies can reduce costly manual errors, improve accounting accuracy, and save time, transforming business relationships across industries. Progressive Malaysian businesses will gain a competitive edge by adapting to embedded accounting and digital process requirements. When e-invoicing is expanded into a fully optimised order-to-cash or procure-to-pay process, the benefits of cost savings and improved efficiency become evident. Digital transformation reshapes business operations, turning tasks like strategic sourcing, order management, and payables into competitive advantages. As companies grow, their supply chains become more complex, making decision-making, compliance, and waste reduction more challenging.
Valtatech has been supporting businesses in the source-to-contract and procure-to-pay environments for the past decade, empowering operations and automation beyond e-invoicing. With AI-driven invoice data extraction, businesses can significantly advance their digital transformation, opening new opportunities for growth and efficiency. Key lessons for e-invoicing success include strong leadership with a strategic vision, selecting the right technology partner with local expertise, and empowering teams through training and innovation. Leveraging data-driven insights for better decision-making and integrating e-invoicing into a broader source-to-pay system are also crucial. Valtatech welcomes local integration partners or resellers to collaborate and assist Malaysian businesses in increasing visibility into their processes, resulting in increased compliance and targeted savings.
Updated 9 October 2024
A similar article is also available in Utusan Malaysia on 7th October for our Malay-speaking readers.
In summary of the below –
The document discusses the benefits and challenges of implementing e-invoicing in Malaysia, especially for SMEs, and how it can drive digital transformation and competitiveness.
- Beyond Compliance: e-Invoicing in Malaysia offers more than compliance; it enables digital transformation, reducing errors and improving accuracy, benefiting SMEs and larger businesses alike.
- Cost Savings: e-Invoicing can lead to significant cost savings, with examples from Australia showing 21% savings in two months, and over 50% when combined with an efficient Procure to Pay process.
- Implementation Challenges: Challenges in transitioning to e-invoicing include legacy systems, costs, change management, and data security. Valtatech offers solutions like seamless integration, scalable costs, comprehensive training, and robust security measures.
- Global Competitiveness: e-Invoicing helps Malaysian businesses expand globally by adhering to international standards, ensuring faster payments, and providing data-driven insights for informed decisions.
- Future Trends: Emerging trends in e-invoicing include AI-powered invoice data extraction, which can streamline processes and boost productivity, aiding businesses in their digital transformation journey.
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