Automation is a journey, not a destination
If you were going on a journey to a new destination that you had not been on before, the chances are you would use some kind of satellite navigation in your car to get you there?
That’s a no brainer surely?
Utilizing tools to make life easier and more efficient has become second nature to people.
So why in the Order-to-Cash process do we still use the equivalent of an overly large and unruly road atlas (if you are too young to remember it, ask your parents or google!). This is especially obvious when it comes to cash application.
Some organizations are a way down their automation journey, and use RPA and some level of automation. Whilst this is an improvement, it is like the first version of SatNavs in cars. They told you how to get to your chosen destination on the screen, but without showing you the petrol stations and hidden gem restaurants on the way.
When buying a car, would you expect the first version of SatNav or the latest technology? That’s a no brainer!
Speed. Clarity. Focus. For the driver of automation, this is a no brainer.
Driving forward, not backward…
Visibility whilst driving is, of course, critical. However, how much time do we take looking in the rearview mirror rather than the dashboard that monitors our journey and how we are performing to reach our preferred destination?
How much time is spent performing tasks and re-work that prevents us from improving the order-to-cash processes and optimizing accounts receivable?
Very often, people find workarounds to bypass poor routes and processes, which can be time-consuming and sometimes even ineffective. What about if we could remove those tasks and allow people to be more efficient and perform tasks that improve the outcomes of the department? What if your management team could focus on driving forward to improve efficiencies rather than looking backward?
What if you had visibility of your payments in minutes rather than hours or days? Not only would this impact your cash application team, but also your collections team. After all, they are the individuals who are most confident talking to customers about outstanding payments. Instead of them wasting time checking and double-checking to see if a payment has been received but not yet applied, aren’t they better focus on value-added tasks? And as a result, the CFO sees an increase in working capital?
Are we there yet…
Who has not heard this from their kids? Who has not felt the familiar stab of pain and annoyance at the lost time to delays in airports and train stations – or worse static traffic? We know when traveling, there comes with it the risk of delay. In a similar way, when extending credit, we know there is a risk of delay in being paid due to circumstances and events changing.
Likewise, with on a journey in the car, we don’t expect the SatNav to only tell us the direction. We expect it to provide warnings of problems ahead so we can weigh up the decision, either staying on the current journey, making a stop, or taking a different route.
Those already on the road or embarking on their Intelligent Cash Automation journey are not only making the process far more efficient (more miles to the gallon!), but we are basing their decisions on intelligent customer behavior trends such as payment performance data. Data that is available (like travel information) but not always simple to obtain quickly and easily. Rimilia Cash automates the order-to-cash process by matching customer payments to invoices. Through this platform, the data is available and ready for use by the wider credit management team to help understand the journey their customers are taking.
Back seat drivers…
Who doesn’t dislike back seat drivers? Especially those ones who cannot drive themselves!
It is a no brainer when setting off on a new journey to get advice from the right people. You wouldn’t take advice from people who have never been on the journey before, but rather the people who can share their success and learnings. This will ensure you have the best chance of achieving your business goals as part of your journey to transform your cash application process with Intelligent Automation.
Don’t let someone who has not achieved, or even tried, tell you it cannot be done. But rather follow in the steps of others who have taken the journey of transforming the order-to-cash process with demonstrable results.
I know the destination, but where do I start?
My brother-in-law was a bus driver before retirement, and I always remember a tale he would tell about a passenger getting on a bus and asking how to get to a destination. His response on day one was ‘you can’t get there from here!’
Of course, what he meant was that his bus was not able to take him directly to the desired destination. What was not explored is how far towards the destination could that bus service could have taken him.
Who doesn’t want to transform finance? That’s a no brainer – but where you begin to achieve the destination is often the reason why so many transformation projects have not been completed and indeed why so many have not started.
According to The Next Web, “Digital transformation projects do not fail because there is a shortage of AI or tech. Transformation is almost always a technology problem. But it is never just a technology problem. It is a technology, people, and process problem. To succeed with digital transformation, you need to evolve”.
What if we can get you started on your Accounts Receivable automation journey today, quickly, efficiently, and cost-effectively? With Rimilia’s Rapid Time to Value model, we focus on speed and ROI. We want to ensure you get started quickly and realize the benefits Intelligent Automation can bring, such as a 70% reduction in process costs, enabling people to focus on value, add activities and delivering the outcomes to you, your team, and your business.
When we put it like this, it really is a no brainer.
If you would like to learn more and see if Rimilia is a good fit for you right now in your own journey, take a short quiz and get a personalized set of content options sent to your inbox.
CFO Advisory & Growth Partner Director