Scalability and the role of fintech

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Cash flow problems are often the biggest barrier to companies achieving their ambitions to scale. As a key part of the cash collection function, Accounts Receivable (AR) departments can quickly veer into risk-taking territory if the debtor book gets out of control.

The importance of scaling-up

Access to transparent, robust and up-to-date information summarising the ebb and flow of a company’s debtor book is a must. And the onus increasingly falls on the finance team to ensure its firm has the right data and insights to help the business meet its objectives. According to a recent Gartner report, over 80% of CFOs expect to invest more time in advanced analytic technologies and tools so that the finance function can provide accurate forward-looking and predictive intelligence to the business.

Yet many businesses continue to rely on relatively unsophisticated and disconnected tools such as their (basic) ERP reporting or even excel spreadsheets to help them understand and manage this critical store of company cash. This often leads to poor and outdated information being used to make (sub-optimal) decisions at an increased cost and with increased risk.

Increased potential of scalability

Better solutions do exist – ones that are fit-for-purpose in 2022 and beyond. Integrated fintech software solutions can efficiently and effectively transform an AR operation, providing both immediate efficiency gains and risk management improvements. Choosing a solutions partner who understands your business, and can scale-up as you grow it, is vital.

Scalability impacts in multiple areas – from streamlining and automating your existing processes to reducing your production costs. It’s also about maximising big data, providing you with an enhanced understanding of your customer base which in turn will enable you to identify new opportunities and/or quickly take a different approach with certain clients if necessary. Similarly, scalability can capture next-level enhancements to the AR ecosystem including dynamic real-time risk information, payment advice status, e-invoicing or payment links.

Success for your organisation

Knowing when to build in-house and when to buy technology can be a significant determiner of success. Accessing new capabilities without the total costs of design, ownership and implementation provides one of the best and quickest ways to increase productivity and reduce risk. Fintech solutions that can capitalise on artificial intelligence and blockchain afford the greatest scope for scalability. AI-enabled applications work to automate repetitive tasks and intelligently segment your customers while tracking outstanding invoices through automatic workflows and processes. These functions can significantly cut costs for companies, help with faster payments, and improve overall productivity. In short, human tasks are greatly reduced while the business grows.

Visma | Onguard’s CreditManager is a cloud-based credit management solution that automates processes and provides all the tools a finance professional needs to execute their credit management strategy efficiently, effectively and securely. It automates repetitive tasks and segments your customers. The embedded credit management functionality also affords users more space and time to focus on the non-standard or challenging debtor positions.

Watch our demo video here to learn how you can scale-up with fintech!

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