When the GST system started, businesses had to generate e-way bills manually. They used to log in to the GST portal and enter all the details of their goods to create each bill. This process was slow and tedious. Most of the time, it led to mistakes that caused transit delays.
However, noticing these issues, gradually, specialised e-way bill software became available. These tools removed these issues by automating bill generation. Also, they got integrated with invoicing and accounting systems, which reduced manual data entry.
Now, it is expected that with time, these tools will become smarter due to the use of Artificial Intelligence (AI) and blockchain technologies. Want to know which innovations are expected in the future? In this article, let’s check out how e-way bill software is expected to become more efficient.
5 major innovations expected in the e-way bill system
With positive government support and their commitment to making the e-way bill generation more user-friendly, we can expect the following integrations:
1. AI and automation
In the future, e-way bill software will use Artificial Intelligence (AI) to automate tasks like entering data. Instead of manually inputting details, it is anticipated that AI will scan invoices and automatically fill in the relevant fields.
Additionally, AI can also detect any discrepancies or mistakes in the data. This will allow businesses to correct them before finalising the bill.
2. Integration with e-invoicing
The next generation of e-way bill software will be closely integrated with e-invoicing systems. This means that once a business generates an invoice, the e-way bill will be automatically created based on the invoice data.
This integration will eliminate the need for businesses to manually enter the same information again for the e-way bill. By doing this, businesses can:
- Save time
- Reduce data entry errors
- Ensure their invoicing and transportation details are consistent.
3. Mobile accessibility
In the future, mobile apps can be launched that will allow you to generate and manage e-way bills on your tablets and smartphones. Whether it’s tracking the status of goods in transit or creating a new bill on the go, mobile accessibility will provide flexibility.
This feature will particularly be helpful for high-frequency sellers like those active on online marketplaces. They could stay updated in real-time without needing to be at a computer.
4. Data analytics
Future e-way bill software will offer advanced data analytics. These will help businesses to gain insights into their logistics and compliance performance. Also, such tools will analyze trends in the movement of goods, such as what causes common delays.
By using this data, businesses can:
- Optimise their operations
- Plan better routes
- Stay compliant with regulations
5. Blockchain technology
In the coming years, blockchain technology will likely be integrated with the e-way bill software. It will improve the security and transparency of e-way bills. That’s because this technology is based on a decentralised system. Using it, blockchain can easily verify and record the movement of goods in a way that is secure and tamper-proof.
Since every transaction will be recorded on a public ledger, it will be nearly impossible to alter any information once it is recorded. This will increase the accuracy of the data and reduce fraud.
Future outlook (next 5 years)
In the next 5 years, it is anticipated that e-way bill systems will become highly automated. Based on the trends, we can expect the following:
- E-way bill software will become fully automated. There will be no need to manually input data.
- AI and machine learning technologies will analyze data and provide predictive insights.
- Businesses will be able to generate and track their e-way bills directly from their smartphones or tablets.
- e-way bills will be secured using blockchain. All data related to the movement of goods will be tamper-proof.
- Cloud-based e-way bill systems will allow businesses to access real-time data from anywhere.
Conclusion
In the coming years, it is expected that e-way bill systems will undergo significant improvements. They will become much faster due to automation. Through special mobile apps, businesses will be able to generate and manage e-way bills on the go.
Additionally, cloud-based systems will make it possible for businesses to access real-time information from anywhere. These innovations are expected to help all the involved stakeholders, like sellers, transporters, banks, and NBFCs.
