1. The Continuously Fluctuating Economy: CFOs today are looking towards the A/R function to safeguard cash flow and optimize working capital. Lowering the operating costs is one of the critical ways A/R leaders can show their commitment to this vision of their CFOs.
2. Global Competitive Advancement: The CPG industry is highly competitive, and enterprise organizations worldwide are continuously trying to attract and retain more customers to thrive in such a turbulent economic climate. But providing the best services often means higher costs for suppliers. So the next decade’s best CPG company won’t be the one to provide just the best customer experience – it would be the one that knows how to balance meeting consumer demands while making improvements in cash flow.
3. The Finance Department’s Position within the Organization: The finance department (including the A/R function) has emerged as a true game-changer for CEOs and boards of directors over the past couple of years. A/R leaders today have a golden opportunity to evolve the perception of their teams as a back-office, dial-for-dollar function to being one that can drive significant working capital impact in the CFO’s office.
Automation enables A/R leaders to significantly reduce costs, especially across the four key areas mentioned below. Today, these areas constitute more than half of the A/R department’s operating expenditure. Let us take a look how:
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.