Five Steps For Driving Successful Digital Transformation in A/R Shared Services


A guide to scoping out an efficient digital A/R operation to deliver increased business value

Contents

Chapter 01

FOREWORD

Chapter 02

The Future Of Shared Service Operations

Chapter 03

Five Steps to Help You on Your Digital Transformation Journey

Chapter 04

Conclusion

Chapter 05

About HighRadius
Chapter 01

FOREWORD


More than 90% of Finance executives believe that digital transformation will fundamentally change the way business services are delivered over the next 3-5 years


Source: Finance Leaders See Unprecedented Digital Transformation Opportunity

Before driving a digital transformation project, let’s first define its scope.

Digital Transformation ≠ Automation

  • Automation is just one part of your transformation journey. Albeit critical, its success is dependent on everything that comes before and after it
  • Your operations today need to be in a place where automation is feasible. Automating a bad process would just give you a badly automated process
  • Keep your expectations from an automation system realistic. Be in the know of
    what it can and cannot do.

If not just automation, then what is Digital Transformation?

Digital transformation is the next wave of disruption that could fundamentally change the way shared services operate.

It is defined as “the integration of digital technology into all areas of a business, fundamentally changing how you operate and deliver value to customers” or in simpler words, it is driving the evolution from “cost killers” to “value drivers”.

Digital transformation marks a radical re-thinking of how an organization uses people, processes, and technology to fundamentally change business performance.

Digital transformation in A/R

Transforming accounts receivable (A/R) is the key to making business move faster in this slow economy.

  • Digitizing your A/R process can save you money, but it can also speed up your collections, reduce late payments, and reduce 70% of the repetitive tasks taking up your team’s time.
  • Customized enterprise resource planning (ERP) systems, manual, paper-based processes (that are slow, inflexible) cost millions in-process waste. These broken processes hold your team back by limiting capital efficiency and liquidity and decrease your time, revenue, and efficiency.

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