Industrial Scale Order-to-Cash Efficiency
Manufacturers use industrial scale facilities to create quality products at low costs. But margins can be eaten away by inefficiencies in the back office. Not with Corrivo, from Data Interconnect. Learn from our clients that have transferred the same industrial scale thinking they apply to production to their Order-to-cash function. The results: reduced operating costs, maximised margins and cash flow freed up to fund global expansion.
In a quarterly survey by Deloitte, the CFOs of Fortune 500 companies placed attracting and retaining the right people above all else on the agenda for 2022. The balance of office and home working, the need to keep people motivated, engaged and productive and the fact that there are more vacancies than candidates is making CFOs think harder about how to get the best from their teams.
This, on top of the fact that the number of company insolvencies is rising, credit risk is soaring and inflation is stepping up monthly mean that CFOs face a harsher credit risk outlook with potentially fewer people. Getting the right people and getting them to do the right thing is ever more essential.
Know Your Goals, Reach Your Goals
Corrivo helps teams and individuals to be productive by setting out the tasks for the day: the number of calls to make or letters to approve, or the number of open queries to pursue. It also shows your team’s achievements so throughout the day individuals can see how their work is contributing to the team effort.
Want to build a world class collections function for your organisation?
Then pair good strategy with a powerful software platform and a provider that gives your business everything it needs to transform AR from cost centre to profit magnifier. .
Prioritising your credit controllers’ time
A global beverage company tackled this problem using the Corrivo AR automation platform and now they manage all collections with a team half the size it was two years ago. And what is more, their DSO has decreased and aged debt levels have dropped.
Find out how - Download our success story
Productivity, Engagement, Job Satisfaction
At Data Interconnect we’ve seen many companies come on board with Corrivo during lockdowns. Some companies accelerated their plans because without Corrivo their business would have ground to a halt. Corrivo enables productive working, wherever you are. It promotes team thinking and goal-focused action and it provides credit controllers with a sense of achievement and job satisfaction. Here’s what we heard from our clients.
“Some of our customers had on-premise ERP systems – they could not log in remotely or they didn’t have the bandwidth to work in the ERP. We had to function, come what may, because without bringing money in, all our jobs would be at risk. It was easy to stay on top of the workload with Corrivo because so much of the communication is already automated.”
“We would not have got through lockdown without Corrivo. Previously we turned our warehouse into an invoice production site once a month and everyone helped print and post invoices. Now everything is digital and customers love it.”
“When you log on, you can see your work for the day, your tasks and your team’s tasks. It makes it really easy to focus on what needs to be done. And if I have any time, I like to help other teams with their workload. As long as the tasks get done, I feel I can be.”
Insight from Reports
Corrivo holds a wealth of data that can be used to gain insights, track progress against objectives and measure the performance of teams and individuals. There are three levels of reporting in Corrivo – users can click to view charts and reports of unretrieved documents and reminder emails to customers asking them to collect their document. They can also create a report and download it to model the data themselves. Thirdly, users can define reports that they want Corrivo to create regularly and send to them by email.
Queries, claims and credit notes
Queries are not usually a problem for Corrivo users, it’s the claims against promotions and offers, the raising of credit notes or the processing or credit invoices that take the time.
Connect to Corrivo to plug in to eInvoicing efficiency
If you’ve declared your sustainability targets and sourcing policies, maybe it’s time to go paperless in your back office and make a difference there too.
Back office functions like accounts receivables are often the last to receive IT investment. If you are a sales led, customer driven company, implementing Corrivo gives your AR team the tools it needs to keep up with sales, turning orders into invoices and invoices into cash quickly and efficiently: fewer errors, queries, disputes, copy invoice requests and problems. With Corrivo, you get the tools for success that pay for themselves in how much they save you in time and cost every day.