Finance

93% of CFOs have a vision for a finance function that is leaner, more digital and driven by data.* The impact of the pandemic on finance teams has been well documented, from challenges forecasting cash collections to customers delaying payments. That is why in the post-pandemic recovery, digital technologies will help accounts receivable teams become more strategic, increase efficiency and improve cash flow maximisation.

Next-generation digital operations platforms will play an important role in delivering quality customer experiences, according to Forrester. One specific operation within organisations that can benefit from this is the process of dealing with invoices each month. Through implementing an effective accounts receivable (AR) platform, managing the lifecycle of these invoices becomes easier and you can personalise to specific customer profiles.

Days sales outstanding, or DSO, is the average number of days it takes a company to collect payment after a sale has been made. It is also a metric for AR, or accounts receivables. DSO is typically reported and evaluated on a monthly, quarterly, and annual basis. It’s important to understand DSO norms over a 12-month period because your numbers may vary month to month due to natural business cycles or seasonality of your business.

How different is your business today, compared to 12 months ago? For many of you, it’s likely very different. Customers are not coming into your place of business nearly as often, if at all. Collecting cash has become more challenging. The need for new ways to transact is driving change. Your ability to respond to changing market conditions and events, and then communicate those changes, is critical to survive. Some of you have up-ended your entire business model to meet new market demands, while others are optimising existing processes.

StackAdapt is the #1 programmatic native advertising platform, helping North America’s most exceptional digital marketers accelerate customer engagement and acquisition. StackAdapt had limited transparency across their customer base due to customer data sitting in disparate systems. This impacted efficiency and made it challenging to resolve customer requests and provide a positive experience. This issue was compounded by a lack of automation, meaning every customer communication had to be managed manually.

NetSuite enables you to effectively store and analyze your financial data, but you need a tool to maximize its value. Watch the webinar to learn more.

Organisations communicate with customers in a range of ways and need their messages to reach the right people at the right time. This can be a challenge - producing and distributing communications can be costly and labour-intensive. It also often depends on staff being in the office to make it happen and, under ‘the new normal’, that’s no longer always the case. Our guide outlines new solutions to the challenges of the new normal.