New York, USA | Viseo, the specialist in digital transformation for business, enhances the financial relationship with their customers, thanks to Sidetrade’s AI technology and expertise. Sidetrade ensures ROI by accelerating cashflow.
Viseo is an independent service provider that advises companies globally on their digital transformation, including the USA.
Whereas some consulting firms are still struggling with their digital transformation, Viseo is well ahead of the game. In 2017, Viseo put their working principles into practice, combining specialized expertise and technology to boost agility, making digital technology a real lever for competitiveness and performance: they chose Sidetrade to outsource accounts receivable. Let us recall that, by its very nature, a service company consumes a lot of cash flow. Although billing starts accruing in the first month of the service, payments will not actually come in until at least sixty days later. Given this lag, collecting payment on time is crucial in the consulting business.
Outsourcing accounts receivable to manage growth
At international scale, managing accounts receivable involves multiple processes requiring a wide range of skills and systems that must be carefully coordinated.
Benoît Duchêne, VP Finance & Legal at Viseo had this to say:
“As a fast-growing business with over 2,000 consulting staff, we needed to get results fast, without complicating the structure of our finance department. Entrusting Sidetrade with our accounts receivable gives us immediate access to the most advanced credit management technology on the market. We benefit from the unique know-how of the Sidetrade teams who make the most of their technology for our benefit, which gives us greater flexibility”.
Using the most advanced technology to boost competitiveness
By using the most advanced customer financial relationship technology, Viseo has seen a great increase in competitiveness. Trained on an amazing 313 million B2B payment experiences, Aimie – Sidetrade’s artificial intelligence system – analyzes each Viseo client, and recommends the best payment follow-up strategy for each one, in real time.
Beyond systematically enhancing Viseo’s credit management, Aimie also allowed them to improve performance, reduce payment disputes, and resolve misunderstandings more quickly. ”
“With Sidetrade, we came to realize that 70% of our billing disputes leading to late payment came, in fact, from conformity issues (e.g. erroneous addresses or rates) stemming most often from miscommunication between finance and sales. Now, the sales team can view payment behavior via the Sidetrade mobile app, and work directly with their clients, for example when an order is frozen. This is a productive way to inform and empower people in the field on cashflow issues, which in the past were handled solely by the Finance department.” said Benoît Duchêne.
For Viseo, the success of their partnership with Sidetrade can be seen in a 10-day drop in late payments, amounting to $5.3 million in additional cash flow. The past due rate is now stable at 23% and is expected to improve even more in the 2020 financial year, thanks to Aimie’s machine learning algorithms.
Working with Sidetrade, Viseo’s customer financial relationship operations are now optimal. This is a valued partnership, with a real return on investment, with undeniable impact on sales and finance.