September 26th 2023 - Americas

SSON R&A reports that 41% of surveyed members cited speed of payment affecting cashflow visibility and management as the biggest challenge to collections. With automated invoicing, businesses can generate and send invoices to customers quickly and accurately, saving time and reducing the risk of errors. Automated invoicing can help businesses make more informed decisions to manage their cash flow by providing real-time visibility into their accounts receivable. This session will cover how automated invoicing can: 

• Streamline billing and payments to reduce time spent on collections 
• Utilize real-time visibility to track the status of invoices and monitor the payment status of customers 
• Using accurate and up-to-date data to make investments, pay bills, and manage expenses 

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From customer payment history and credit scores to overarching industry trends and benchmarks, analyzing customer data and behavior can identify patterns and trends that may indicate credit risk or untapped cash potential. This session will discuss:  

• They key metrics that help to understand the customer behavior from risk to growth opportunities 
• Using industry trends and customer behavior to forecast cash flow  
• Responding to data insights with flexible collections, such as offering incentives for on-time payments or adjusting credit terms to reduce risk  

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Prior to automation, collections at KMP was a messy process. It lacked visibility, was inefficient and was resulting in less than ideal customer experience. Tied to this, the cash application process lacked intuition and involved lots of manual intervention. Something had to change! In this session, KMP’s Director of Credit & Receivables, Carol Centeno, talks through how they fixed this with the help of AI and automation technology, focusing on:

• Going from manual to touchless collections
• Utilizing technology to revolutionize cash application
• The impact on customer experience

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SSON R&A reports that inefficient and disorganized processes are one of the top challenges inhibiting AR. This session will discuss how DHL’s journey of continuously improving AR in minor, major and multiple ways can make a big improvement to DSO and consequent cashflow available to the business. It will cover: 

• Identifying inefficiencies in current processes and making changes to eliminate them 
• Gathering and analyzing data to identify areas for improvement 
• Engaging employees in the improvement process to provide valuable input on ways to standardize processes and improve efficiency 

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