By 2024, CIOs and finance teams will spend $3 billion annually on Invoice to Cash (I2C) applications. The pandemic has accelerated the demand for integrated I2C applications as companies are looking to urgently optimize internal processes and drive faster cash collections.

Existing ERP systems and homegrown applications are lacking in functionality needed for running optimized Invoice to Cash  operations. The pain is further compounded when managing customer interactions and information across complex ERP landscapes.

There is an increasing demand for “integrated” invoice to cash applications for managing the end-to-end business process. Companies are looking for platforms that can enable everything from cash applications, collections management, customer billing & payments, managing disputes and deductions, and credit monitoring and management

Enterprise IT buyers and finance teams are looking for platforms with embedded AI and RPA capabilities instead of procuring additional ‘build’ platforms and tools. Capabilities such as predictive risk-scoring and early identification of customer defaults are available as out-of-box capabilities in some of the leading Invoice to Cash applications.

Applications that enable collaboration between Accounts Receivable teams, commercial teams, and their customers are a key priority for organizations evaluating Invoice to Cash applications. This has been further driven by a focus on improved customer experience and a shift towards remote work or distributed workforce models.