Many accounts receivable (AR) departments are yet to embark on their journey towards Digital Transformation. Reliance on managing the collections process via spreadsheets and post-it notes results in blurred visibility of AR performance, increasing costs, declining customer satisfaction and the inability to scale a business due to cash flow as it grows its customer base.
“Doing nothing is the biggest risk of all!”
Investing in an AR automation solution comes with risk as credit controllers need to learn new systems and processes, but the risk of status quo is far higher where a business is chasing effective and efficient sales growth. Many finance departments will avoid risk at all costs and therefore may not want to make the vital changes that are essential to overcome the current challenges faced by the AR function. However ironically, doing nothing is the biggest risk of all.
Businesses who are yet to embark on a Finance Transformation journey are at risk of falling behind their competition and wasting the opportunity that digital automation can bring to improving cash-flow, DSO, bad debt and customer satisfaction. Competitors with an automated AR solution may begin to impact your market share, and market cap, if they can scale their AR function more effectively.
Doing something need not be costly and complex. Modern AR solutions with end-to-end invoice-to-cash modules that address the ABC of I2C (Allocation, Billings and Collections) require minimal ERP integration and can be delivered via the cloud within two to three months. Time to value is fast which makes ROI considerations easier to justify to executive management and means credit management teams can make visible improvements in a matter of days.
With over twenty years of experience in the credit management sector, Data Interconnect recognise the challenges faced by AR teams today and based on extensive customer feedback they have developed Corrivo as the leading AR solution on the market today.
Corrivo allows businesses to take control of the whole credit management function and takes an automated and rule-based approach to the I2C process. Corrivo maximises resource efficiencies with Billing, Collection and Dispute automation that removes reliance on manual paper-based processes; and a portal that allows customers to conduct routine tasks and resolve simple queries on a self-serve basis.
Corrivo’s rich functionality is delivered via a highly configurable platform that follows best practice yet has the flexibility to allow businesses to implement their own strategic business rules. This configurability enables the platform to be implemented in less than 3 months.
By replacing manual, spreadsheet-based processes with a software-as-a-service platform, Corrivo extends the digital transformation initiative into the credit management function, providing the visibility they need to take control over the entire invoice to cash process ensuring that invoice are paid as quickly as possible and DSO is reduced.
If you’d like to read more about the benefits of implementing a software solution then simply download this eBook on how to take control of your invoice-to-cash process.
About The Author
Laura is a results-driven marketing professional with over 7 years B2B Marketing experience and a proven track record of success in the SaaS Technology sector. She is passionate about the use of MarTech in the development and implementation of integrated demand-generation programs and has broad experience of implementing Account-Based and Digital Marketing strategies, applying intent data to accelerate sales cycles and contribute to measurable bottom-line growth.