This Hackett Group research is an actionable summary that drills down on ?how? World-Class companies have leveraged digital transformation to excel over their peers
By analyzing different indicators, these are the areas where A/R leaders have harnessed technology and cracked the code for being World-Class.
With the help of technology, such as robots and Artificial Intelligence, analysts in World-Class companies save 24% more time in low-value work such as:
Analysts instead focus on strategic tasks, such as researching invalid deductions, controlling credit-risk, reducing critically delinquent accounts.
50% of World-Class companies have advanced reporting and analytics capability providing† comprehensive process visibility and helping in decision-making by:
Technology positions executives to drive next-level process transformation versus policing metrics and process owners.
By automating business processes, A/R teams of World-Class companies are more effective and commit 66% lower errors associated with:
Artificial Intelligence-enabled systems have self-learning capability that monitor analyst activity and improve over time, making lower mistakes.
Digital transformation enables A/R teams of World-Class companies to collect 95% credit sales within payment terms. This is achieved by using technology that allows:
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.