In the world of B2B innovation, Chile is most often mentioned in the context of e-invoicing. While it’s true that the nation is among the world’s leaders for successful digital procurement adoption, Chile has become an underdog success story for its embrace of Big Data and its flourishing B2B startup community. PYMNTS takes a look at this South American nation for its latest Global Spotlight and finds encouraging evidence that a growing community of B2B innovators is now making its mark in Chile.
Latin America is a world leader in digital procurement adoption, and experts consider Chile among the best of the best when it comes to implementing successful e-invoicing practices. Chile launched its e-invoicing mandate program in late 2014, so the nation is a more recent addition to the federal e-invoicing community. Nonetheless, Chile has already shown success worthy of emulation by other jurisdictions.
So far, federal mandates require large corporations to comply with e-invoicing guidelines. Mandates for SMEs are in the works, too, and will be implemented through 2017, according to reports. These mandates include the requirement that companies upload monthly reports to a government e-portal.
In preparation for these rules, some of the world’s largest corporations enlisted the help of e-invoicing service provider Invoiceware International, including the Chilean operations of Coca-Cola and chocolate company Barry Callebaut.
By now, it’s well-known that the benefits of digital invoicing can have massive benefits for businesses both buying and selling, especially SMEs. Chile’s small business community is sure to embrace the funds and time saved by digital procurement practices, and the government is making a move of support to its SMEs by allowing them more time to prepare for federal mandates.