Revolutionising Collections: The Crucial Role of Adaptable Accounts Receivables Technology

Revolutionising Collections: The Crucial Role of Adaptable Accounts Receivables Technology

Having an Accounts Receivables platform that can quickly adapt to changing market demands as well as business demands is critical. In this blog post, we'll take a closer look at why you should be using flexible and scalable AR technology and how it can help businesses become more efficient and competitive.

Scalability: Meeting the Demands of a Growing Business

As businesses grow, their AR process must keep pace with an increased volume of transactions and financial needs. A scalable solution using the latest technology that can adapt and scale without causing disruption to the workflow process is essential in maintaining effective AR and cashflow management.

Additionally, as expansion continues into new markets and territories, scalable solutions must support the integration of additional multiple payment methods, currencies, languages, and easily created bespoke functions that cater for wider customers' needs.

Flexibility: Customising Solutions to Meet Unique Needs

Every business will have its unique requirements, and a one-size-fits-all solution may not be suitable. A flexible solution can be customised to meet the specific requirements of the business, and this can help businesses save time and money by reducing manual processes and increasing automation.

It must be extremely agile and powerful to permit fast, simple and seamless integrations with a wide range of existing systems.

Streamlining AR Processes for Improved Financial Performance

An effective AR technology solution enhances visibility over financial performance. Tracking key metrics according to the users' requirements increases transparency over the entire AR lifecycle and highlights workflow weaknesses that can then be improved.

This data enables better-informed decisions to boost performance and results.

Adecco's Success Story: How Scalable and Flexible AR Technology Transformed the Collections Process for One of the World's Largest Recruitment Companies

Adecco UK became best in class for DSO using Invevo's platform and wanted to standardise this for their global brands to establish a best practice for their collections processes. In an RFI for their global brands, they measured several challenges for the different competitors including security, configuration, and performance, and Invevo scored higher than any of its competitors in all categories.

At our recent Optimising Collections webinar, Diane Thornett, Global Process Owner O2C at Adecco UK, discussed how Invevo gave them a scalable and flexible solution for Adecco’s global brands:

“Invevo allowed us not only to consolidate all of our brands, but it allowed us to standardise those processes and reduce the headcount."

"One of the key things for us was the configurability. Allowing for globalisation whilst still having some standardisation. We wanted to make sure the core system remains the same and it allows us to share the best practice and emulate the UK’s success across the globe. So that configurability was hugely important, It would give us visibility and flexibility for each country and then we could tailor it according to their unique requirements without having to change that core.

Invevo gave us the technology to allow us to look at where we had shared clients etc and reduce the headcount. We could see that it was very flexible and scalable for any further acquisitions for Adecco.”

To hear Adecco discuss the importance of scalable and flexible technology further, you can now watch our on-demand webinar "Optimising Collections in a Technology-Driven World" here.

Improving Financial Performance with Better Visibility

In conclusion, scalable and flexible technology is essential for businesses operating within the receivables lifecycle. Investing in a solution that can adapt to changing business needs and streamline AR processes through intelligent automation, accelerates efficiency that ultimately leads to greater control of your working capital.