Future-Proofing the Credit and Collections Process

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Credit and Collections Process

Credit and Collections Process executive summary:
The recent wave of worrisome global economic developments has clouded the outlook for the health of companies’ receivables portfolios. Our research shows that top performers in customer-to-cash are readier to confront the challenges ahead. Over the past three years, they have extended their advantage by optimizing and automating processes. This period has also seen significant growth in the migration of work to global business services organizations as a means of reducing process cost and enhancing productivity.

Top performers in customer-to-cash are ready to confront the challenges ahead. Over the past three years, they have extended their advantage by optimising and automating processes.

To survive the tech-driven future, these top performers are more adept at shielding themselves from exposure to financial risk associated with receivables. This is especially important when, as is the case today, organisations face economic uncertainty and market volatility. Such competitive markets are ensuring they future-proof their credit and collections process.

The data in this report provides a good gauge of the differences between today’s top performers and peers.

The Role of Technology in the Credit and Collections Process

Top performers in customer-to-cash digitised more of their operations. Since they send 100% of dunning notices electronically, they collect a greater share of receivables within terms.

With 40% of their credit-review process automated (vs 15% for peers), the amount of time-consuming, error-prone manual work is reduced

Automation levels are expected to increase over the next one to two years. For example, while only 16% of the credit process is fully automated today, 67% of organisations are either planning an implementation, have deployed a pilot or are in the midst of a rollout.

Where does your company sit?

Featured metrics include:

  • Process cost and FTE counts for credit
  • Collections and dispute management
  • Understanding current efficiency
  • Effectiveness and customer experience performance metrics
  • Cost savings achieved by finance organisations
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