One of the most important strategies towards cost reduction is to evaluate the resources with more impact on business revenue. The first step is to create a clear distinction between the tasks which create profitable growth with essential expenditure and operations, which are inefficient in the long run, called non-essential expenditure. Where’s the silver lining, you might ask? Essential expenditure will enable you to come up with new value propositions, while non-essential expenditure negatively affects the bottom line of your business.
In the past, making a strategic change with limited operational capabilities was always a challenge. But in today’s digitally enabled world, businesses have capable drivers and means to take strategic cost reduction steps. Technologically advanced solutions can help reduce operational costs for continuous business improvement.
HighRadius Integrated Receivables Software Platform is the world's only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway - covering the entire gamut of credit-to-cash.