Use innovation such as artificial intelligence and robotics, and smart partnering to really focus on customer-centric instead of company-centric
Data: we have a lot of it, we gather more of it every day and we look for ways to get even more. But what are you actually doing with it to ensure you optimize your order to cash process?
Let’s face it: tracking customer details and interactions is just too much for a spreadsheet to cope with – no matter how good you are at setting them up. With so much that can go wrong with a spreadsheet, businesses need to understand that there are better alternatives
Email is fantastic for invoicing and payment. Electronic invoices can save you lots of time and money, and invoices will be with your customers almost immediately and might be paid faster.
That means to get the most of your emails, you need to be as persuasive as possible. How do you do that? Here are our suggestions.
Late payments are a problem for businesses of all shapes and sizes. Here are five steps you can take in order to help you streamline your payment collection processes and improve your business.
When it comes to credit management, one thing you always need to remember is that cash is king. Sure, you need to build strong customer relationships and make sure that you’re providing great products and services – but in the end, if your business isn’t getting paid, the results could be disastrous.
Winning the heart of customers – that is what it is increasingly about in these days of growing competition. The arrival of entirely new players on the market is making it tougher to stand out as regards products, services or pricing, for example. Companies are expected to make the difference in another way, that is, through the customer experience.
It is essential to pay attention to a customer after they have placed an order and before payment is made. Often this is seen as a negative action, however it is really an opportunity to convey a sense of warmth to customers. Show what you stand for as an organisation and transform this experience into a positive one.
When it comes to choosing the software you use in credit management, it’s good to remember that there aren’t really many “bad” tools. But there are lots of “wrong” tools.
While some basic computer programs might be enough to get a business up and running, most organisations won’t last long using the software that comes free with their computers. Organising and sharing data, tracking orders, managing workloads, scheduling tasks, and monitoring progress are all essential for long-term success and growth, and those things just can’t be done effectively with standard software.
Order to cash (O2C) is a complicated process, and to do it successfully, you’re going to need a lot of different tools at your disposal. ERP in conjunction with credit management software improves cash flow.
Manual reconciliation is a waste of time and a risk: a human error can occur! Off course, this is not a process that can be 100% automated, but 80% of the payments can be matched using software.
All organisations, no matter how big or small, have to deal with customers that pay late or not at all. From large multinationals to the SME sector and sole traders: no business is immune to late- or non-payers.
It sounds easy enough: keep track of who pays their invoices when and ensure that it takes place on time. Credit managers are well aware that this is a complicated process.
Order to Cash: it sounds like such a simple thing doesn’t it? An order comes in, and then a little while later some cash follows it. If only it were that easy! In fact, order to cash (O2C) is a complicated process that requires a lot of work to get it to flow smoothly – and one important part is customer relationships.
How do you measure the performance of credit management within your organization? There are different ways which each have their benefits and drawbacks. Two popular methods are gap analysis and benchmarking.
Choosing the right software might sound like an easy task – but there are thousands of options out there, with products that do different things and solutions at varying levels of complexity (and cost).
How do you measure the performance of credit management within your organisation? There are different ways which each have their benefits and drawbacks.
While improving your business processes can provide an array of benefits for your organisation, it can also improve your relationship with clients.
if you’re in one of the industries that are lagging behind, now is the perfect time get on the innovation wagon (and acting quickly could really help to put you ahead of the competition). And if you’re in one of the more up-to-date industries, you need to keep innovating to avoid falling behind.