The e-Procurement Strategy initiative rolled out in the UK’s National Health Service (NHS) is fully up and running. The Department of Health (DoH) decided to create a progressive adoption timeline, to facilitate delete into digitization, both in the different health trusts and organizations and their supplier companies.
Medical device companies are the earliest adopters of the new electronic system. For them, the British authorities have set out a total of 20 actions to be carried out between March 2016 and September 2020. All those involved in this initial e-Procurement Strategy phase must comply with the deadlines set for each of these tasks, and the next one is due to end in just two months.
Next NHS e-Procurement Strategy deadline: September 30
By September 30, medical devices suppliers must comply with 5 phases of the e-Procurement Strategy:
- In the corporate scope, suppliers must update the Global Location Numbers (GLN) in the GLN registry.
- They also need to synchronize their product data through the GDSN, using an e-catalogue such as EDICOMData.
- In addition, the deadline for class IIb and IIa medical devices to be assigned their Global Trade Item Number (GTIN) for all packaging levels is approaching. Bear in mind that this action was already compulsory for class III devices as of last year.
- As for labelling, these class III devices will now have to include GTIN labels in the barcodes of their products.
- Finally, by September 30, all suppliers without exception must be able to submit electronic invoices to the NHS Access Points. This will be one of the most notable breakthroughs in rollout of the e-Procurement Strategy. Since last March, these companies have been able to receive electronic purchase orders, and before long all their business processes will become digital and automatic.
The next steps
Once the deadline of September 30 has passed, the next key date on the calendar will be March 31, 2018. By then, all companies will be ready to adopt e-procurement at corporate level. However, some technological changes in the systems will still be pending in order to adapt to the PEPPOL and GS1 standards set forth in the regulation.
This is one of the most ambitious public e-procurement initiatives in Europe. Once its implementation is completed in 2020, the DoH expects to achieve economic savings ranging from 5000 to 8000 pounds per bed. In addition, patient safety will be improved and product waste will be reduced by 10%, thanks to more precise management.
For supplier companies, the technological leap will also bring cost savings, an increase in productivity and automation of many of their business processes, among other benefits.
–> Download the White Paper on NHS e-Procurement Strategy to find out how this project affects you, how you can adapt to it and how it all works.
FinTech companies are expanding in Brazil. A report by Goldman Sachs says that more than 200 financial technology companies located in the country could generate $24 billion in revenue over the next decade. The growth potential of this sector, which is dedicated to the development of innovative financial services, is widespread throughout the world but its incidence is even greater in Brazil due to the high concentration of banking institutions.
In a crisis scenario like the one that the Latin American country is currently experiencing, innovation seems to have become a door for getting ahead. It is estimated that Brazilian banks and FinTech companies have invested $1 trillion in disruptive initiatives to improve the ecosystem of the sector. However, much still needs to be done in order to optimize the flow of communications in banking.
Compared to other regions such as the United States or Europe where financial EDI practically does not exist, Brazil stands out worldwide in the adoption of EDI in this sector. Moreover, FinTech companies are helping to increase the development of business management in this area.
The automation of communication with banks, through EDI, is a key solution to fight the main problems that affect the techno-financial sector which include:
- Lack of security. The use of communication tools such as e-mail does not guarantee the confidentiality and integrity of data. But beyond that, the big drawback is that all accounts payable and receivable operations are handled by people, so the risk of fraud is high.
- Difficulties in growth. FinTech companies are in full expansion. The number of customers grows fast and companies must be prepared to respond to high demand and sustainable growth. EDI with banks and automation allows such scalability without the need to constantly increase human and physical resources.
- High lead time for processing transactions. In a world marked by immediacy, no business can afford to waste time on operations. Faster processing makes businesses more competitive.
- Inadequate use of resources. FinTech companies and financial institutions that do not yet use EDI need to have a human team dedicated to carrying out the transactions related to accounts payable and receivable, a task that takes time, is expensive and does not add value to the company. With the automation of EDI, these people could dedicate themselves to more productive and beneficial tasks for the company.
- Human errors. When transaction processing is done manually, it is common for errors to occur. Their detection and subsequent correction increases management time, which is something that does not happen with financial EDI since the process is automatic and error-free.
How to implement financial EDI
Given the advantages of electronic data interchange and its ability to solve these major problems affecting FinTech companies and banks, the financial sector is taking the lead in the implementation of this technology in Brazil.
To encourage its use and facilitate implementation, EDICOM has specifically developed a financial EDI platform, aimed at FinTech companies, banks, suppliers and all partners in the sector. It’s a comprehensive multi-standard, scalable, global solution. In addition, it has different internationally recognized certifications that guarantee safety such as the ISO 27001, the ISO 20000 and the ISAE 3402.
One week after entry into force of the SII project, which involves the declaration of VAT returns to the AEAT, the EDICOMSii has successfully managed the transmission and forwarding of these e-documents to the Tax Agency’s electronic office for all our clients without incident.
In the first two weeks, more than five millions entries have been forwarded to the AEAT electronic office. This means the transmission of more than 41.000 VAT ledgers.
Why choose the EDICOMSii solution?
EDICOM provides an agile and immediate start-up solution to link up with the AEAT. In addition, it facilitates 100% transparent integration with the main ERPs on the market.
Contact us and find out how to complete your solution by incorporating our certified communications and storage services.
Download our White Paper on e-VAT bookkeeping through the SII and join our SII group on LinkedIn, where we share all the new features and clear up your doubts and queries.
On July 1, the option of using the new CFDI version 3.3 came into force, prior to becoming mandatory on December 1, 2017. The process has already been validated with the SAT and is now up and running.
EDICOM is fully operational and ready to stamp invoices with the new version and implement the necessary requirements for rollout of the new add-on features.
EDICOM was the first PAC in Mexico and, since CFDI invoicing via Internet became mandatory, we have been working with the SAT on the development of the new electronic invoice, contributing our vision and experiences with clients to help simplify tax compliance.
–> Read the full article here.
Resources available on our website CFDI.edicomgroup.com
In a worldwide ranking of e-invoicing expansion, Mexico would top the ratings. In 2015, the Tax Administration Service (SAT) rolled out the obligation to issue CFDI for all taxpayers, which finally led to massification of this technology. But what was the objective?
Although e-invoicing entails benefits such as encouraging innovation, the elimination of the paper in companies or economic cost savings, Mexico’s tax authority opted for this initiative to achieve two great goals: to simplify compliance and, most of all, to fight tax evasion. Now, a report published by the Monterrey Technological and Higher Education Institute concludes that introducing the CFDI has had a significant impact on tax evasion, one of the main economic issues dogging the country.
According to the Monterrey Technology Institute’s study, the obligation to issue CFDI, which came into force in 2015, led to growth in Income Tax (ISR) to the tune of 6,6% for legal entities and 21.3% for individuals. This is the most widely collected tax for the SAT, hence the importance of avoiding fraud.
–> Read the complete article on the CFDI webpage.
–> Follow the CFDI transformation route with these resources.