Wonder

Automated Invoice Processing

Delivered January 26, 2020. Contributor: Methody G.

Goals

To determine the top 3-5 US industries that process the highest average number of transactions.

Early Findings

We were not able to find information about the number of transaction for the different industries in the US other than the retail industry despite going through several industry and governmental reports. As such, we worked with the assumption that the biggest industries in terms of sales must also process a high number of transactions.

Real EstateTotal revenue: $2,265 billion 
% from GDP: 13% 
Professional and business servicesThe industry includes the legal field, computer design, and other professional, scientific, and technical services.
Total revenue: $2,093 billion 
% from GDP: 12% 
State and Local GovernmentTe industry includes state and local-run governmental agencies, organizations, and ventures.
Total revenue: $1,539 billion 
% from GDP: 9.1% 
Financial ServicesTotal revenue: $1,261 billion 
% from GDP: 7.2% 
Healthcare and Social AssistanceTotal revenue: $1,244.2 billion
 

% from GDP: 7.1% 

Transaction volumes from the Retail industryA single retailer in the US and Canada processes about 429.4 transaction per month. 
Retailers selling Alcohol generated the highest number of transactions per month, at 963.1. 
The beverages and specialty food stores generated 806.8 and 589.7 transaction per month respectively.
At the lower end, Furniture, jewelry and Shoes retailers generated the least amount of transactions, with a monthly count of 151.9, 190.1, and 220.8 respectively.

Proposed next steps:

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We established that information about the number of transactions is scarce at best. As such, we relied on finding the biggest industries by revenue and assumed that they would also process a high number of transactions. We propose to start by finding the overall spend for the three biggest industries (real estate, government, and professional services) to identify how tech-savvy each one is.

We also propose to find the market size of the automated invoice processing, also detailing which industries it has been able to branch to. We will aim for the US or NA market but if that's unavailable, we will focus on the global one.