Best Practices from World-Class GBS Organizations:

• Implementation of best-of-breed online credit applications
• Automating correspondence for missing information such as bank/trade references, and backups
• Providing real-time tracking of application statuses

Benefits:

• Improved customer experience with greater visibility
• Reduced manual errors

Best Practices from World-Class GBS Organizations:

• Automating stakeholder correspondence for all credit decisions
• Integrating services with country-specific and industry-specific credit agencies, public financials, and insurance bureaus
• Automating the capture of fields from the credit application form

Benefits:

• A standardized credit operation across various platforms
• Improved productivity with high-value customers

Best Practices from World-Class GBS Organizations:

• Adopting an automated e-invoicing portal
• Delivering invoices according to customer-preferred channels such as portals and e-mail
• Tracking of customer conversions from paper to e-invoice

Benefits:

• Self-service customer portals save print + mail costs
• The elimination of low-value tasks in billing and invoicing such as dealing with paper and interacting with customers

Best Practices from World-Class GBS Organizations:

• Creating a self-service customer portal for viewing invoices
• Introducing a single portal that includes all relevant backup documents such as Proof of Delivery (PODs), Bill of Lading (BOLs).
• Streamlining collaboration between internal teams

Benefits:

• Lowered payment cycles
• Improved customer experience

Best Practices from World-Class GBS Organizations:

• Introducing an automated invoice generation from ERP open invoices
• Developing correspondence templates and packages with auto-attached documents

Benefits:

• Lowered deductions
• Faster collections
• Better customer experience

Best Practices from World-Class GBS Organizations:

• Invoicing customers electronically via emails, portals
• Allowing customers to pay in electronic payment formats (ACH, Credit cards and e-Checks) through payment portal
• Offering incentives to customers to bring them onto Web-based portals

Benefits:

• Faster payments
• An improved e-adoption
• A much better customer experience overall

Best Practices from World-Class GBS Organizations:

• Standardizing processing for different e-remittance types
• Automating aggregation of remittances from portals, e-mails, and EDI

Benefits:

• Easier e-adoption in payments
• Processing payments at lower costs

Best Practices from World-Class GBS Organizations:

• Template-agnostic remittance capture
• Aggregating the remittances from multiple sources (mails, EDI, web-portals)
• AI-enabled payment matching & exception handling

Benefits:

• Reallocated users
• Reduced costs

Best Practices from World-Class GBS Organizations:

• Identifying deductions at Cash Application
• Creating a single repository for all backup documents such as notes and claims across internal and external teams
• Tracking aging deductions

Benefits:

• Improved recovery of invalid deductions
• Better adherence to big box retailers such as Walmart

Best Practices from World-Class GBS Organizations:

• Providing visibility of resolution status and dispute progression
• Collaborating seamlessly between internal teams
• Easing the research process by having all documents in one place

Benefits:

• Lowers Days Deductions Outstanding (DDO)
• Reduced costs

Best Practices from World-Class GBS Organizations:

• Providing a prioritized worklist for collectors
• Adopting automatic correspondence approaches versus dial for dollar approaches
• Having a single source of truth across various platforms to access backup documents such as invoices copies and claims documents

Benefits:

• A scalable collections’ operation
• Outreach to a broader customer base

Best Practices from World-Class GBS Organizations:

• Inbuilt correspondence templates and packages with auto-attached backup documents to save time
• Sending proactive reminder to customer before the payment due date
• Automated correspondence to different customer buckets

Benefits:

• Phone calls limited to only select high-risk customers
• Reduced aging/ past dues

Best Practices from World-Class GBS Organizations:

• Sending automated proactive reminders before payment due date
• Predicting when a customer is about to pay using Artificial Intelligence
• Providing customers with a self-service portal for viewing invoices and making payments

Benefits:

• Improved working capital
• Reduced dependence on banks for short-term banking

Best Practices from World-Class GBS Organizations:

• Providing incentives for early payments
• Enabling payment features such as auto-pay, schedule pay, etc

Benefits:

• Improved Days Sales Outstanding (DSO)
• Fewer missed payments

Best Practices from World-Class GBS Organizations:

• Ensuring high employee productivity by eliminating manual error-prone tasks
• E-adoption from paper
• Keeping track of high-risk customers to ensure there is minimal bad debt and write-off

Benefits:

• Improved working capital and cash flow
• Easier cash management