An insightful summary of how these GPOs made their A/R future-ready while reducing costs, improving metrics and keeping their customers happy!
The credit and A/R team at Danone wanted to transform their A/R operations using technology. The first step they used was to define what they expect from automation based on their unique business requirements. Here is what they expected from automation: ? Single source of truth ? Easy to deploy and flexible ? Easy to train resources ? Future-ready ? Scalable Across Business Units
In order to find the perfect vendor, Michael suggests you should check if the vendor: ? Asks the right questions o Has strong experience from past implementations o Collects mission-critical information in a timely manner ? Explains the impact of business decisions o Develops a deep understanding of our business o In-depth understanding of technology decisions o Helps see impact/consequence at each step ? Offers a tailor-made approach o Implementation suited to ensure no business disruption o Standardization for processes, but flexibility to accommodate local BUs
Best practices suggested by Michael Pettyjohn, Director, Customer Financial Services, Danone: ? Plan in detail – What features are required in the product application ? Plan for the future – Choose a solution which will scale as the business grows ? Internal stakeholder alignment – Ensure that all stakeholders are kept in the loop ? Frequent interaction with vendor – Onsite blueprinting and weekly project status meetings
HighRadius Credit Software 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.