An insightful summary of how these GPOs made their A/R future-ready while reducing costs, improving metrics and keeping their customers happy!
Yes. Those are the things on the horizon that are going to completely change the outlook of accounts receivable in shared services within the next two years! Here is a quick overview of how 4 world-class GPOs prepared their A/R for the future: ? Cargill: Perform exhaustive process evaluation and benchmarking to find maturity gaps in your process before looking for any new technology ? Air Products: Standardization, Objectivity, transparency, compliance, and productivity are the five pillars of global credit risk management. Any technology that you choose must support all the five points ? Keurig Dr. Pepper: Go for a single integrated receivables platform that supports all your A/R processes to improve your A/R performance at low cost while keeping customers happy. ? Danone: Choose the right technology by clearly defining what you want from the technology and select the right vendor that can understand your business, tailor their solution to your unique requirements and deliver on time. Following the footsteps of these pioneers can enable businesses to tackle some of their most common challenges specific to shared services and help them on their journey for an optimized A/R transformation. However, in any transformation, technology is an essential part and selecting the right technology is also a big challenge.
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.