In Focus Commercial Credit
Making the right moves to achieve the best results
Last month, CCRMagazine and Data Interconnect carried out a major piece of work to research how the industry is moving forward with automation
The invoice-to-cash process is fundamental to the industry and will always be an area where professionals are working to make progress and improve efficiencies for the benefit of their customers. Clearly, technology and industry focuses
like automation, are potentially revolutionary in terms of their impacts, but making major changes to systems and practices requires a large number of factors to align, such as budgets, resourcing, and company culture. So our research sought to look into this
area, asking what part of your invoice-to-cash process presented the biggest challenges? The most popular answers showed the industry’s priorities, with the top answer being new customer onboarding followed by dispute resolution, internal collaboration, collections, and invoice delivery.
Challenges Then respondents were asked what are their greatest challenges in improving accounts
What are the barriers to introducing invoice-to-cash automation within the Finance department?
Funding/Budget
Company Culture/ User Adoption Automation
Support
Lack of collections reporting
IT department
required resource Set-up
Time to
implement ROI
Internal
Collaboration with other departments
Other
Cross-departmental collaboration
Ability to better prioritise collections
Senior leadership drive/buy-in
Investment in process and systems Manual Processes
Collections Reporting
Internal Collaboration Risk Management None of the above Other Cash Allocation
Clearly, technology and industry focuses, like automation, are potentially revolutionary in terms of their impacts, but making major changes to systems and practices requires a large number of factors to align, such as budgets, resourcing, and company culture
receivable cash-collection efficiency. Here, the most popular answer was cross- departmental collaboration, followed by outsourcing or a cantralised accounts- payable department and senior leadership drive or buy-in.
What are your greatest challenges in improving AR cash-collection efficiency?
Lack of standardised collections process
Outsource/Centralise AP department
Lack of a single
payment collection system
Collections
Which of the following factors influence your purchasing decision when considering a new invoice-to- cash solution?
Joined-up collection processes
Costs
Time To Implement
User Interface/ User
Experience System
Integration
Key Business Analytics
Connectivity/ EDI
Other
What part of your invoice-to-cash process presents the biggest challenges?
New Customer Onboarding
Invoice Delivery Dispute Resolution
14
www.CCRMagazine.com
September 2019
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