Insights for answers
Where is the data you need to start working out how to meet your company’s necessary cost reduction targets for FT 2021-22?
Most business areas have been tasked with minimising costs this year. The whole country is tightening its fiscal belt. If you’re in the Finance department, you’ll be leading the charge. So, where can you look to pinpoint cost-saving opportunities?
Cost reductions, both in OpEx and CapEx, are imperative for many businesses this Spring. If your executive teams do not have easy access to the data insights needed to support their decision making. Now is the time to put sourcing that data higher up your agenda.
Slice, dice and download
The value of making data available to model, analyse and use has recently been underscored at Data Interconnect. In recent customer research, Corrivo’s advanced search and reporting features emerged as the best-loved and most significant contributors to ongoing commercial improvements. These features allow users to collate and download any data sets they choose easily and quickly and automate report generation to provide frequent, accurate management information that drives ongoing improvements across receivables and credit control functions. We also have a feature enabling custom-designed reports to be produced regularly and emailed to named contacts or dropped on an SFTP server for scheduled collection to be ingested by the company’s ERP or data visualisation tools. We understand that insight drives improvements and that our clients are always delighted by the additional data that Corrivo bestows when implemented.
So, where is the data?
Our customers tell us that much of the information they now use regularly was simply not available before implementing Corrivo – or at least not without complicated, time-consuming procedures to extract and compile data from various sources. If you want to supply your management team with sufficiently detailed data for making financial control measures to see you through 2021, it may simply not be possible without also upgrading your entire team’s productivity. That may sound like a hard ask, but it’s entirely feasible when you switch to portal based eInvoicing and collections with Corrivo. Your team gets the data they need and wins back the time needed to analyse, model and present the information to support change.
Not digital, not visible
Postal invoicing, unless done by tracked mail – and it rarely is, gives you no certainty of delivery. Sending a PDF attachment is a little better. You may know that the email has been delivered, but what if you forgot to attach the document, or it gets held up in email quarantine? Portal based eInvoicing, and EDI gives you much greater visibility of status and, if you will, a proof of delivery for your invoices and collections reminders letters. When you can analyse the time between order and invoice delivery, delivery and download, and between download and payment, you have a greater base of data from which to determine buyer behaviour and calculate risk at an account or ledger level.
With all your order data digitised, you can analyse at line item or stock category level too, or by value, understanding which products generate the highest volume of queries or which category of collections issue. These simple examples only scratch the surface of what is possible. The bigger challenges our clients approach us with are in the £tens of thousands per month per category, such as missing PODs in split deliveries. All these examples are addressable within Corrivo. And we have an abundance of examples of how the data within a digitsed invoicing system such as Corrivo has led to initiatives that saved £millions in one stroke.
To find out more about what’s on the CFO agenda for 2021, according to economics commentators, download the white paper.