Workflow Automation is the single most impactful type of technology you can introduce to accomplish more with less. Adding staff is often not an option nor is it a real solution to your challenges related to transaction volumes. We all know how workflows are helpful in our personal or business lives. Wake up, walk the dog, make the coffee, hit the treadmill… you get the idea. Controlled, predictable workflow and results.
Now think about the processes in your business life: new orders received, ledger and file reviews, phone calls, emails, letters, calendar ticklers, etc., by manual means and using computer tools. For Credit Professionals, the volume of daily transactions can be overwhelming.
Here are some examples of how Workflow Automation can streamline your Order to Cash Operations and enable your department to succeed without adding more staff. Consider;
- End-to-end, automated Online Credit Applications that ensure a successful and fast customer onboarding experience, and include all the credit information you need to make a decision.
- Invoice Collection Strategies driven by rules and procedures set by management (vs. individual collectors) ensure 100% account coverage and the right collection priorities.
- Proven Dispute and Deduction Resolution Strategies that work use web data retrieval technology and automated, defined resolution steps.
- Optimized Auto-cash Rules using all possible data to match payments, automatically write off small below-tolerance exceptions while immediately placing new disputes directly into the resolution workflow.
- Collaboration workflow so that the appropriate departments and people can be involved in finding resolution to disputes and deductions. Everybody can be on the same page this way, drastically reducing the time required to solve problems.
Without defined workflows that automatically push transactions to the responsible parties in your organization at the right time, your order-to-cash results will never be optimum. Your challenge is to find a workflow tool that is easily integrated with your Order to Cash system, that is user controlled, and is not overly complicated.
Smyyth LLC – Credit-to-Cash Technology and Managed Services
Smyyth and its Creditek division provide world-class end-to-end or modular Outsourced Services and Carixa tm Credit-to-Cash software-as-a-service (SaaS), Receivables “Cure” projects, and Consulting to enable companies to attain extraordinary cash flow and profits using best practices for managing credit, accounts receivable, collections, deductions, disputes and cash application.
The Carixa™ Credit to Cash platform streamlines operations, slashes costs, and increases profits. Smyyth technology and services are built on Six Sigma principles and are SSAE16 compliant.