E-invoicing is paving the way for the real-time economy by automating financial processes. The document discusses research on consumer adoption of e-invoicing, criteria for selecting e-invoice service providers, and how cloud-based accounting systems are disrupting work routines by enabling more outsourcing. Mandatory e-invoicing policies have helped drive adoption in Finland. Integrating e-invoice data early in the financial process allows more automated handling of invoices and accounting. Cloud computing lowers barriers to outsourcing accounting tasks.
Keppel Ltd. 1Q 2024 Business Update Presentation Slides
E-invoicing Paves Way for Real-Time Economy
1. Electronic invoicing
paving the way for
Real-Time Economy
Esko Penttinen, Aalto University School of Business
Assistant Professor, Information Systems Science
Director of Real-Time Economy Competence Center
Chairman of XBRL Finland
2. • PART I: E-invoicing a cornerstone in process automation
– Recent developments in Real-Time Economy
• PART II: Research results in Real-Time Economy
– Consumer adoption of e-invoicing (PhD thesis by Miira
Juntumaa)
– Service provider selection (MSc thesis by Niko Myllynen)
– Cloud-based information systems disrupting work routines (PhD
thesis by Aleksandre Asatiani)
• CONCLUSIONS
Agenda
5. Full
SEPA
2006 2008 2009 2010 2012
FVC FIA1 FIA2 SME50
Full SEPA
(Full Single Euro
Payments Area)
-SEPA payments
-E-invoicing
FVC
(Full Value Chain)
- Harmonizing
value chain
development
FIA 1
(Fully Integrated
Accounting 1)
1.1.2009-30.6.2010
- E-accounting
reference
- Standard for
Electronic Financial
Reporting
-Global e-invoicing
standard ISO20022
-European e-
invoicing work
FIA 2
(Fully Integrated
Accounting 2)
1.8.2010-30.12.2011
- Electronic Financial
Statement and XBRL
- Fully Integrated
Payroll (FIP): Payroll
reporting codes and
practices
- Real-Time VAT
- European e-invoicing
work
SME 50
(’Administrative costs
in half…’)
2012-2013
1. AFA – Automated
Financial
Administration
2. FAR – Fully
Automated
Reporting
3. ERM – Enterprise
Risk Mitigation
4. SIM – Sustainability
Intelligence
Management
Real-Time Economy program
6. Real Time Economy:
National Co-innovation
Program
CONSUMERS
Kuluttaja-
tutkimuskeskus,
TeliaSonera, FK,
…
SME’S
AgentIT,Dicole, Fi
nansia,Hawcon,H
ammerkit, Maven
ta, ProCountor, ...
BANKS
Aktia, OP-Pohjola,
Nordea , Sampo,
Suomen Pankki,
...
COMPANIES
ALD-Automotive,
Finnair,Lindström
Pretax, UPM-
Kymmene,
Wärtsilä,
Asiakastieto, ...
ACADEMICS
Aalto, Hanken,
ÅA, TY,
Politecnico di
Milano,
University of
Nevada, ...
OPERATORS &
SERVICE
PROVIDERS
Aditro,Basware,
OpusCapita,Telia-
Sonera,Tieto, Itell
a, …
PUBLIC ORG.
Hansel, Kuntaliitt
o, PRH,Tieke, Valt
iokonttori, vero,
VM, TEM, STM, K
ela, ...
INTEREST
GROUPS
FK,
Taloushallinto-
liitto,
Keskuskauppak.,
Suomen Yrittäjät,
EK, Sitra, ...
7. • Financial administration processes – from mandatory reporting to
value-added services
– Data driven decision making
• 4 corner model critical in e-invoice diffusion
– Finland forerunner
• Mandatoryship
– Sticks work way better than carrots
– B2B (mandatory paper invoices) & B2C (paper invoice fees)
– XBRL (eXtensible Business Reporting Language)
• Enriching data on documents in early stages of financial value chain
enables process automation at later stages
– Automated purchase invoice handling (three way matching): UPM-
Kymmene example (XML) & Ford example (EDI) & ALD Automotive
– Automated sales invoice generation: Koho software
– E-Invoices integrated to electronic bank account statements
leading to fully automated accounting for SMEs
Key takeaways – lessons learned
8.
9. Perceived
Usefulness
Perceived
Ease of Use
Attitude
Toward Use
Behavioral
Intention to
Use
System
Usage
Original model: Technology Acceptance Model by Davis (1989)
See Juntumaa (2011) and Rinta-Kahila (2013) for further info
Study 1: Consumer adoption of e-
invoicing and self-service checkouts
External
Variables
Weak link –
Triggers
needed!
10. Vendor selection
literature
• Fifty-five papers
reviewed, focus on 15
most relevant papers
• Initial list of 255
individual dimensions
Expert interviews
• Refining (combining,
erasing, adding)
dimensions
• Applying them to the
context of e-invoicing
• Number of
dimensions from 255
to 35
Pilot case studies
• Validating and further
refining the constructs
• Defining scales:
developed 3 levels for
each dimension (low,
average, high)
• Number of
dimensions from 35 to
9
Final research
instrument
• … consisting of 9
choice dimensions
with 3 levels for each
dimension
• Using Sawtooth
software to collect the
data
Study 2: How to select e-invoice
service provider?
15. Clusters 3 and 4
Cluster #3:
Selective outsourcing
Cluster #4:
Total outsourcing
16. Clusters’ profiling
Characteristic Cluster #1 Cluster #2 Cluster #3 Cluster #4
Outsourcing pattern In-house Selective outsourcing Selective outsourcing Total outsourcing
Industries Industry
Construction
Other services
Industry
Construction
Other services
Motor vehicles &
motorcycles
Industry
Other services
Motor vehicles &
motorcycles
Healthcare & social
services
Industry
Other services
Construction
Motor vehicles &
motorcycles
Healthcare & social
services
Cloud based IS 4 3 1 2
Improvements 2 4 3 1
Software satisfaction 2 4 1 3
Average size 1 4 3 2
Invoices sent 2 4 3 1
Invoices received 2 4 3 1
Average turnover 1 4 2 3
Top 3 most important
sources of
improvements
Usability
Accuracy
Relevance
Usability
Accuracy
Understandability
Accessibility
Accuracy
Understandability
Accessibility
Accuracy
Usability
17. • Cloud makes outsourcing easier for the client
– Facilitates the disaggregation and outsourcing of information
intensive services
– Lower the barriers for outsourcing for companies for the complex
tasks
Opens possibilities for outsourcing services that were
not considered before (due to lower barriers of
outsourcing)
Outsourcing and cloud