Accounts Receivable

Perceptif For Optimized Accounts Receivable

Seeking tried-and-tested solutions to optimize your Finance Operation's Accounts Receivable process?

Accounts Receivable (AR) sits at the backbone of an organization's finance department and offers significant value to the business. Its processes generally involves activities such as creating invoices, sending invoices, coordinating dunning processes, and receiving payments. It sounds simple, right? But why is that not always the reality experienced by personnel involved?

Here's where process mining and automation can benefit Accounts Receivable processes.

Making full use of insights gained from process mining, businesses can take action to reduce billing delays, receive payments earlier, and minimize risks associated with payment issues.

Perceptif pioneers an approach to unleash business excellence through Process Intelligence Automation. This powerful tool opens doors to improve your operational performance, ensuring competitive advantage.

Solution Snapshot
with Process Mining

Unlock operational excellence with process mining & automation. Businesses unprepared to take the next step in digital transformation will quickly get left behind in challenging times.

1. Pinpoint Problems

Accounts Receivable processes are complex and involve multiple moving components. Different team member may have their own biased views on the root cause of issues that are draining precious time and money. This is precisely why leaders need to cut through the commotion of opinions and guesswork, then analyze data effectively to gain a clear understanding and visualization of actual processes. Then only can data-driven recovery action be taken.

When you include case attributes like key accounts, invoice information, payment terms, cash discount dates, and transport conditions in the analysis, you can identify where errors happen, track when they occur, determine who are involved, or recognize which vendors take the route of different process variations.

This is how Perceptif helps you pinpoint areas that require action and concentrate efforts on improvements that yield the best results.

2. Quantify Impact

Deciding which problem to address first is a different challenge altogether. Process mining reveals effects of underpayments, invoice errors, manual entries, and disorganized data on important targets like cash flow, days sales outstanding (DSO), collections effectiveness index, and cost per collections.

Let's be real, some of the many inefficiencies in AR departments are easier to fix that others. Some may even accumulate and negatively impact the organization over time.

For example, data analysis may have uncovered an issue where customers delay payments to your business, affecting your cash flow. The reality is, if they are not paying, they probably won't be able to no matter how hard you push. Process mining helps you link the existing gaps in your operations to the key performance indicators (KPIs) that truly matter, prioritize what needs to be address first to bring significant results back to the business goals.

Then, you will know which problems to prioritize valuable time and effort into recovery. In the example above, rather than spending time chasing the customer, focus on ensuring invoices are sent out on time. Perceptif provides crucial insights into the inefficiencies by quantifying their actual impact, enabling decision-makers to tweak processes accordingly and work towards improvement.

3. Drive Productivity

Perceptif lets you in on real-time operational insights to drive productivity of financial processes for tangible business benefits.

A survey has revealed that more than 25% of invoices are disputed - leading to extra time and manual effort for collection specialists with phone calls, constant back and forth with paperwork, queries and more workload.

These issues are entirely avoidable, just like late payments, delayed billings, missed discounts, and problematic customers.

This is how process mining plays a role in boosting labor productivity by reducing invoice disputes, improving billing accuracy, and reduce late collections to bring better outcomes for Accounts Receivable. Eliminate inefficiencies that impact relationships with customers too.

With AI-driven analytics, your business can be on its way to seamless, functional AR automation to drive productivity to new heights.

4. Real-Time Risk Management

Many problems can occur within the many Accounts Receivable processes - from fraud to underpayments. How does your current finance system highlights non-compliant activities and mitigate risks before it grows into bigger, more expensive problems?

You must be able to visualize and analyze actual processes from event log data - do this with Perceptif's process mining. Find the root causes of how specific action impacts your team's performance and minimize risks with data, not guesswork.

Monitor how, where, and when your Accounts Receivable processes deviates in real-time and ensure compliance with Perceptif today. With AI/ML, you can even pinpoint which customers are likely to pay on time, in full, and thus optimize collectors time more effectively.

What Is Perceptif?

Perceptif is a powerful tool to unlock operational excellence with process mining & automation. It harnesses the power of big data technology and AI to pinpoint areas of process improvement. This is applied to multiple aspects of your business to save time, effort, and cost with minimal effort.

Request a demo or subscribe to any of Perceptif's Plans for immediate access. Got a question? Get in touch with our expert team of consultants.

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