A guide to scoping out an efficient digital A/R operation to deliver increased business value
Given the challenges and potential negative outcomes and impact of the COVID-19, you might think that undertaking a new project would be out of the question. Digital transformation is just not possible with limited resources, budget cuts, and furloughs, it feels like it would be too hard to execute.
But, a recent SSON survey indicated that despite the chaos, 37% of GPOs will accelerate their automation initiatives to reduce the dependency on physical locations/humans.
The true reality is that digital transformation is the new means by which businesses could better adapt and cope with COVID-19. The Shared Services Operations have already gone beyond the primary objective of reducing costs to creating value by leveraging up-to-date technology. Yet, we believe there is still scope for improvement. Let us go through the evolution of shared services over the years and what we can expect next. However, today many companies struggle with a “digital dilemma” of whether or not to automate.
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.