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 Credit Cloud automates the credit management process, enabling credit managers to make highly-accurate credit decisions 2X faster and enable faster customer onboarding with 4 primary components: configurable online credit application, customizable credit scoring engines, credit agency data aggregation engine, and collaborative credit management workflow. Along with that, there are a lot of key features that should definitely be explored some of which are online credit application, credit information aggregation, automated credit scoring & risk assessment, credit management workflows, approval workflows, and automated bank & trade reference checks. The result is faster customer onboarding, better internal collaboration, higher customer satisfaction, more targeted periodic reviews, and lower credit risk across the company’s customer portfolio.