[Rocky Thomas]

Janice – Many of our members use the shared services model.  Your question is a common one and has been discussed often in our Global Credit Leader Thought Forums . How do we improve efficiency and accuracy with our order-to cash process and free up our staff to focus on more opportunistic (value added) functions and activities? It is also important in retaining talent. You do not want your more experienced and talented employees performing too many administrative and repetitive tasks. They will typically move on if they are not using their skillsets.

The use of technology and AI based platforms to automate the cash application process is a common solution. Although some companies build the models in house, quite often a third party software provider is used to automate the majority of the cash application process. This includes navigating customer payment portals and deduction management & improvement. These are all very time consuming and tedious activities. Quite often it is a combination of technology and staff involvement for the exceptions only.

I will bring this up for discussion again on this month’s call.

 

• This reply was modified 3 weeks, 3 days ago by Rocky CICP.