Failing to manage the financial relationship with your customer keeps you in the dark and leaves money on the table.
What is FRM?

Most companies passively manage their customer relationships after customer onboarding, once credit lines are extended and trade begins. Financial Relationship Management (FRM) is a breakthrough solution from Rimilia built to predict and manage the financial behavior of your customers. Financial Relationship Management is not a solution by us, it’s a category. We need to frame what FRM is as a category then state what we do to address it.

Bridging the gap between sales and accounting, FRM gives companies a real-time view into customer behavior so that they can make smart decisions, maximize profitability, and minimize risk.

Why does FRM matter to your business?

Because…

  • Your money is sitting somewhere — unapplied, unused, or uncollected — creating the risk of a cash flow crunch.
  • You’re not rewarding your best customers with increased credit lines.
  • Manual data collection and analysis is slow and inefficient.
  • Unnecessary credit holds discouraged customers from doing business with you.

By implementing an FRM solution, you streamline your most important financial processes to gain customer intelligence, improve relationships, reduce days sales outstanding (DSO), and increase revenue per customer. Improving your relationship with your debtors improves your customer satisfaction and increases your sales.

Finance leaders choose Rimilia to automate their FRM because they know that with Rimilia, they are able to make smarter financial decisions with confidence.

What results can you expect?

Companies implementing FRM systems can expect benefits such as:

  • Predicting customer payment timing for more accurate financial forecasting
  • Reducing collection and dispute management efforts by 50% or more, while increasing resolution and collection rates
  • A significant reduction in DSO
  • Increased profit per customer by better managing payment and credit terms
  • Improved employee morale and increased efficiency
  • Better visibility of the customer financial lifecycle
  • Improved customer satisfaction
  • Being future-proofed for change, growth, and profitability
Running a business without proper FRM can cost you real money.

All too often, you have limited or no visibility to your customer information, making it hard to see the full picture.

 

Even if you are successfully collecting customer data, you still must make sense of it. And more information doesn’t necessarily mean better decisions. Your business needs timely, actionable insights.

Without a common platform for customer financial interactions, visibility can be lost in the flood of information — leading to slow or unsatisfactory cash applications and credit collects, loss of sales, and an increase in DSO.

How does Rimilia’s FRM solution work?

Improve the full financial customer lifecycle, from pursuing the right sales opportunities to dispute resolution, with better visibility and control.

 

Leading companies increase revenue, optimize their sales ledgers and reduce their DSO, leading to access to millions of dollars faster. In parallel, companies lower administrative costs and increase payment speed using Rimilia’s AI-powered automation solution, all whilst collecting valuable customer data.

 

This data is used by our proprietary algorithm to create a Customer Attractiveness Score (CAS) for each customer. Knowing this score will build profitable, loyal customer relationships because it identifies high-value customers, extends the right payment terms, and resolves issues quickly. You can also personalize interactions based on each customer’s sales history, payment and collections history, and creditworthiness.

 

Stay two steps ahead of your competition with Rimilia by:

  • Identifying your most reliable and profitable customers so you can extend credit more strategically
  • Maximizing customer relationships by optimizing credit lines for your best customers
  • Allowing your company to sell more to your best customers and become the primary vendor of choice
  • Reducing unnecessary credit holds that anger customers and turn business away
  • Improving debtor relationships
Want to learn more about how to take your financial relationships to the next level?
Read our newest FRM white paper