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

How does this ebook help me?
This ebook is a guide to scoping out an efficient digital A/R operation to deliver increased business value. It gives GBS leaders an overview of why transformation projects fail, the importance of partnering with the right vendor, and how change management influences the success of the project.
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Key Takeaways

The definition of Digital Transformation and how it is different from just process automation
The critical reasons why O2C Digital Transformation projects fail
The five steps O2C GPOs must adopt to have a successful Digital Transformation of their A/R Shared Services

Table of Contents

Prologue: What is Digital Transformation?
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Why do Digital Transformation Projects Fail?
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Five Steps to Help You Succeed on Your Digital Transformation Journey
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Epilogue: Digital Transformation Starts with You
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Chapter 01

Prologue: What is Digital Transformation?

Almost a third of financial services organizations are now realizing the benefits from their investment in modernising technology.
Source: CBI PwC Financial Services Survey – Q3 2021

The term Digital Transformation has become the go-to word for most GPOs, especially in the “new normal.” However, it has been a common misconception that Digital Transformation means automation. Let us set the context for further discussion on this chapter by saying that:

Digital Transformation ≠ Automation

Digital Transformation is more than just automating current processes. According to Forbes, some of the critical reasons which forced a rethinking of this concept are outlined below.

  • The increased complexity of business processes is dependent on coordination between
    multiple siloed departments.
  • The amount of unstructured data that flows into the business needs to be reconstructed
    into a more meaningful and actionable format.
  • The customer demands a more multichannel experience that has to be more contextual.

If not just automation, then what is Digital Transformation?

Gartner defines digital business transformation as “the process of exploiting digital technologies and supporting capabilities to create a robust new digital business model.”

Digital Transformation is a crucial step in future-proofing your SSC business operations in the new normal, focusing on enhancing agility and efficacy using technology and data as the enablers. It marks a radical re-thinking of how an organization uses people, processes, and technology to fundamentally change business performance.

Three pillars of Digital Transformation - People, Process, & Technology

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 not only saves you money but also speeds up your collections, reduces late payments, and greatly reduces the volume of repetitive tasks taking up your team’s time.
  • Customized enterprise resource planning (ERP) systems and manual, paper-based processes cost millions in-process waste. These broken processes hold your team back by limiting capital efficiency and liquidity and decreasing your time, revenue, and efficiency.

There's no time like the present

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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.