Data-Driven Decision Making
Many businesses still struggle to assemble data from a collage of spreadsheets and systems in order to create the reports their Accounts Receivable or Credit Management team needs. This leaves credit controllers in the dark or forces the team to lose several working days a month purely on assembling the data before even analysing and acting on their findings. The root cause of this data blindness is a heterogeneous mixture of barely legacy systems and outdated, often paper and PDF-based invoice to cash processes. The solution is simple and has the benefit of bestowing AR managers with not only data but the time in which to analyse, model and report on it since the same solution also removes much of the repetitive, manual work that consumes their time when not dedicated to reporting cycles.
The data, not connected
It is realistic to assume that if a large business with a turnover of over £1bn is not using a fully integrated eInvoicing platform, they will have higher operating costs than their more digitally savvy peers. In fact, they have probably fallen victim to the perennial issue of finance being the last frontier of digital transformation. Accounts Receivable teams are good at working tirelessly to make deadlines and keep up the appearance of being able to cope with a high workload, the frustrations of disparate systems and a lack of connection and integration between them such that simple, routine and essential processes, like cash flow forecasting, become a Herculean effort.
Some companies believe they are using electronic invoicing. A handful of customers take invoices via an EDI connection in a structured format such as EDIFACT, while the remainder receives PDFs by email. The data available for analysis of such cases is disconnected and incomplete.
More data, interconnected
The Corrivo SaaS platform automates key processes and provides additional data to AR managers that enable a highly refined analysis of customer behaviour and a plethora of data that can easily be searched, compiled, downloaded and modelled. Regular reports can be designed and created. Ad hoc reports or searches can be easily affected. All the data for every single invoice, current and historical, is stored on one secure platform in a searchable format. This means there is more data and that the data is easier to access and analyse. The way to transition to a data-driven model in your credit team is to implement Corrivo. Within as little as 6 weeks from contract, your business could be live on the platform and generating a rich supply of data.
More time for data-driven decision making
Automation improves invoice accuracy, leading to a net reduction in query and dispute volumes and a typical 40-85% higher productivity for AR managers. Corrivo not only provides the data but gives AR teams back the time to drill down carefully, with the certainty that the data is accurate, complete and from one source, not copied and pasted and assembled from an array of sources.
Download the infographic to see what key reporting processes are enhanced with Corrivo and the additional ease of access provided to data by virtue of the additional data points captured during the Order to Cash process within Corrivo.