Real-Time Economy Research at HSE. Information Economy at Aalto-University boat seminar Assistant professor Esko Penttinen

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1 Real-Time Economy Research at HSE Information Economy at Aalto-University boat seminar Assistant professor Esko Penttinen

2 What is Real-Time Economy (RTE)? Real-Time Economy is an environment where transactions of all sorts are digital, increasingly generated automatically and completed in real-time without store and forward processing. Photo: Sachyn

3 Stairway to REAL-TIME ECONOMY The Future Economy BETTER SERVICE BETTER PRODUCTIVITY BETTER JOBS BETTER ENVIRONMENT REAL-TIME ECONOMY Enterprise Risk Mitigation Fully Integrated Accounting Automated accounting Full Value Chain Digitized Messaging Payments and e-banking integrated e-invoicing 3 rd generation e-banking. Connecting Customers - Functionality SME and private e-banking (Penetration in Finland 2007 SMEs 100%, private 85%, widest e-habit and e-trust) 1970s Payment reference system st corporate e-banking s Bank giro system for payments, salaries, direct debit etc. Page 3

4 Research strategy IV. Enterprise Risk Mitigation III. Fully Integrated Accounting II. Full Value Chain I. Full SEPA

5 Positioning the RTE projects Enterprise Risk Mitigation (ERM) Buyer Fully Integrated Accounting (FIA) Full Value Chain (FVC) Invitation to tender Offer Order Payment guarantee Delivery guarantee Delivery information Deviation info Statements delivery, tax etc Direct debit adv Invoice Payment assurance Payment Account statement Full SEPA Seller Finance and risk management Page 5 service providers

6 Electronic invoicing, definition As a concept, electronic invoicing is nothing new EDIFACT in 1970s Here, electronic invoicing defined as invoices transmitted through open standards, e.g., Finvoice or TEAPSSXML standards in the Finnish context PDF-files sent as attachments in s not considered as electronic invoicing in our study

7 einvoicing Penetration Is Still Low in Europe but banks have made it happen in the Nordics Source: Billentis / Bruno Koch ( Finnacial Service Hub

8 Volumes Year of initiation of electronic invoicing Volumes of Incoming invoices Volumes of Outgoing invoices Organization Incoming Outgoing Total Electronic Total Electronic Finnair [1] Gradually one business unit at a time, starting in 2000 for travel agencies Gradually one business unit at a time, starting in 2002 for travel agencies 323,000 5%, 17, ,000 32%, 315,000 Kuusakoski ,000 25%, 11,250 30, %, 400 Lindström ,800 25%, 7, ,000 36%, 194,400 Novart 2006 n/a 33,475 28%, 9,526 To be implemented in 2008 Oriola-KD , %, 1, ,000 18%, 63,000 TietoEnator ,000 53%, 49, ,300 34%, City of Helsinki (2007 to consumers) 560,000 42%, 240,000 50,000 [2] 25%, 12,500 City of Tampere ,000 34%, 85,000 To be implemented in 2008, 1.4 million invoices to consumers and businesses

9 Research BSc theses done MSc theses (done) Haussila, T. (2008) Operators' Value Creation in Business to Business Electronic Invoicing. MSc thesis at HSE. Hielkema, H. (2008) Real -Time Economy and Taxation A case study of the collection of earned income tax. MSc thesis at HSE. Lehtimäki, H. (2008) Factors that enable or hinder the adoption process of electronic invoicing Case Novart. MSc thesis at HSE. Salomäki, T. (2008) The impacts of e-invoicing on buyer-seller relationships in b2b markets Case Lindström. MSc thesis at HSE. Sipilä, T. (2008) Miten nopeuttaa sähköisen laskutuksen käyttöönottoa Suomessa? How to promote the implementation of electronic invoicing in Finland? (In Finnish). MSc thesis at HSE. MSc theses (under construction) Lempinen, H. Building metrics for assessing the business value of information technology - case electronic order-to-pay process, ETA alku 2009 Vähätiitto, J., Managing the Transition of Invoicing Process to Business-to Consumers E-invoicing and Analyzing the Consumer Experience. MSc thesis at HSE, ETA alku 2009 Konferenssipaperit Penttinen, E. & Hyytiäinen, M. (2008). The Adoption of Electronic Invoicing in Finnish Private and Public Organizations. European Conference in Information Systems (ECIS), Dublin, Ireland, June Penttinen, E., Hallikainen, P. & Salomäki, T. (2009). Impacts of the Implementation of Electronic Invoicing on Buyer-Seller Relationships. Hawaii International Conference on System Sciences (HICSS), Waikoloa, Big Island, Hawaii, USA, January 5-8, Penttinen, E., Salgaro, A., & Haussila, T. (2008). How do electronic invoicing operators create value? Empirical evidence from Finnish and Italian operators. WeB pre-icis conference, Paris, France, December 13-17, Raportti Penttinen, E. (Ed.) (2008). Electronic Invoicing Initiatives in Finland and in the European Union Taking the Steps towards the Real-Time Economy. Helsinki School of Economics series B-95. Kuluttajatutkimuskysely, ensimmäinen kierros kesäkuu 2008, toinen kierros joulukuu 2008 (Timo Saarinen, Anssi Öörni, Miira Juntumaa) Kysely yrityksille sähköisen laskutuksen käytöstä marraskuu 2008 (Atso Andersen, Esko Penttinen)

10 Publicity (press and presentations) Keynotet (Esko): Opuscapita syysseminaari keynote 140 hengelle, Tallinna , RTE ja sähköinen laskutus NOKIOS konferenssi 300 hengelle, Norja , RTE ja sähköinen laskutus Muut esitykset ja tapahtumat Tieturi ERP tapahtuma 2008 (Virpi Tuunainen) Hse Executive Education kaupan ohjelma 2008 (Virpi Tuunainen) Lukuisia esityksiä konferensseissa (ECIS, KISS etc), messuilla (RTE Summit, leading lights etc.), HSE: tutkimusseminaareissa, HSE:n laivaseminaareissa yms Kansainväliset kontaktit Tutkijavierailu HSE:lla Alessandro Salgaro, Politecnico di Milano, Italia Lehdistö: Taloussanomat: Verkkolaskusta tulee vietituote ( ) (in Finnish, interviewed Virpi Tuunainen) HSE Avista: Seuraavaksi vuorossa e-laskutus (2/2007) (in Finnish) HSE Avista: Reaaliaikaista tutkimusta (2/2007) (in Finnish, columnist Esko Penttinen) HSE Newsletter: Real-Time Economy competence center ( ) (in Finnish, Esko Penttinen) Yrittäjäsanomat: Reaaliaikaisesta taloudesta hyötyvät kaikki (1/2008) (in Finnish, interviewed Maria Hyytiäinen, Esko Penttinen) Tietoviikko: Diginatiivi ei paperilaskuja pyörittele ( ) (in Finnish, interviewed Maria Hyytiäinen, Esko Penttinen) Tietoviikko: Sähköinen lasku säästää metsää ( ) (in Finnish) Intressi: Sähköinen laskutus - mikä se on? (3/2008) (in Finnish, interviewed Jyrki Wallenius) Intressi: Sähköinen laskutus ottaa vauhtia paperilaskut jäävät pian historiaan (In press) (in Finnish, interviewed Esko Penttinen) Verkkosivut RTE sivut HSE:lla ( Real-Time Economy Community (realtimeeconomy.net)

11 RTE Network Tekes EK Suomen yrittäjät VM Policy makers Dimes Suomen pankki Nordea bank Sampo bank REAL-TIME ECONOMY NETWORK Business people Journalists OP Service providers Customers Consumers TietoEnator Students Tieke ry Research & Teaching TKK HSE

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13 Building the global competence center INNOVATION UNIVERSITY -global competence center EC e-invoicing expert group UN/CEFACT Enterprise risk mitigation Nokia Nordea m-payments m-ticketing Banks E-invoicing operators Fully Integrated Accounting Full Value Chain TietoEnator SMEs Trust Services m-banking SMEs Full SEPA HSE REAL-TIME ECONOMY TKK MOBILE FINANCIAL SERVICES