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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