Shared services are a popular operations model among enterprises, particularly for finance operations. In fact, according to a 2015 study by Deloitte, 72% of organizations mandate a shared services model and 91% of them have adopted shared services centers (SSC) for finance operations.
However, is every SSC performing up to expectations? According to APQC.org, the answer is no. Specifically, in accounts receivable the best performing SSCs process invoices at 10% of the cost that underperforming SSCs are able to achieve.
What sets top-performing organizations apart? Technology is one piece of the puzzle, says APQC.org, as best performers receive as best performers use robotic automation for processing ~95% of receivables.
HighRadius Autonomous 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. Autonomous 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.