Embracing Emerging Tech: How Invevo Outperforms Legacy Systems in Receivables Management
Embracing Emerging Tech: How Invevo Outperforms Legacy Systems in Receivables Management
Emerging technology encompasses a broad spectrum of innovations disrupting traditional industries and transforming businesses' operations. From artificial intelligence (AI), blockchain, and the Internet of Things (IoT) to the Metaverse, NFTs, and virtual reality, these technologies are revolutionising various aspects of business processes, including communication, data management, and customer engagement. In 2023, process mining, process orchestration, and advanced computer vision technologies are set to be the hottest trends, with process automation-enabling software like Invevo covering an extensive set of content ingestion, integration, and process insight technologies.
The impact of emerging technology on businesses is profound. Surprisingly, 33% of consumers today believe they interact with AI daily, while 77% engage without realising it. These numbers are poised to grow year after year, demonstrating the increasing influence of emerging technologies on our daily lives. Companies that embrace these advancements can streamline operations, enhance productivity, and gain valuable insights for data-driven decision-making. Furthermore, these technologies enable businesses to offer more personalised customer experiences and foster innovation, which is crucial for maintaining a competitive edge in today's fast-paced market.
In the financial sector, staying ahead of the competition is of paramount importance. New technologies are redefining how businesses manage their finances, optimise cash flow, and mitigate risk. To thrive in this evolving landscape, organisations must be proactive in adopting and integrating emerging technologies into their operations. By doing so, they can capitalise on new opportunities, drive efficiency, and ultimately secure a competitive advantage in the financial market.
Just as ChatGPT has empowered marketers and NFTs have redefined payment systems, Invevo is reshaping the receivables landscape with its cutting-edge automation, machine learning, real-time financial reporting, and unparalleled flexibility.
In this era of rapid technological growth, businesses must adapt and embrace these emerging solutions to stay competitive and thrive in the ever-evolving financial market.
The Challenges of Legacy Technology
One of the problem that continue to occur for legacy technology is its outdated systems and innate limits to flexibility. These products aren’t built for purpose to handle business-specific requirements for receivables staff.
There are a number of unnecessary challenges that Accounts Receivables (A/R) teams are forced to endure because of the outdated systems:
The Bane of Productivity
Legacy systems often force middle and back office staff to switch between multiple platforms, such as ERP, CRM, email, and spreadsheets, to track account statuses. In contrast, modern solutions like Invevo provide a single interface, streamlining the process and saving time.
Moreover, manual report generation and metric calculations are prone to errors and are time-consuming. Implementing a modern accounting automation solution frees up your team to focus on revenue-generating activities instead.
Slower Payments
Even the most competent credit controllers and finance professionals aren’t perfect and are prone to human error.
Occasionally, back offices may forget to send out invoices on time when they’re forced to send emails manually. They may also forget to send reminders when payments are coming due and follow-up emails when payments are late.
When invoices are sent out late, payments come in late. Your cash flow will suffer tremendously depending on how bad the situation gets.
With an automated emerging solution, invoices, reminders, and follow-up emails can be sent automatically, accelerating payments. Further, employees don’t have to think about invoicing because the platform takes care of it for them.
Competitive Disadvantages
Suffice it to say that some of your competitors have already moved to an automated receivables solution. In fact, the leading businesses are making the switch to emerging tech for their back office already. Centrica, Adecco Group, Travis Perkins and more are embracing the new world.
If you are still relying on an outdated system, your competitors are simply able to move faster and more efficiently than you are.
By introducing emerging tech to your team, however, you’ll be erasing that competitive disadvantage and staying up-to-date with solutions that will keep you ahead of the competition.
On the flip side, some of your competitors are still relying on outdated systems just like you are. By moving to an automated A/R solution which lets you orchestrate the receivables process, you can gain a competitive advantage on these slower-moving peers.
Frustrated Employees
Nobody likes using clunky, outdated technology—particularly when, in the age of smartphones, apps, and fast networks, we all know how fast technology should work and how intuitive it should be.
In this light, companies that force their accounting departments to rely on legacy systems can expect their employees to become at least a little frustrated. Depending on how bad the situation gets, this frustration can evolve into disengagement, leading to a toxic workplace.
Investing in technology to orchestrate your receivables process will eliminate repetitive manual workflows and will make your team happier, increasing engagement and productivity.
Just because your company may have been doing things one way for a long time doesn’t mean it’s the most effective path to progress.
Invevo: Revolutionising Receivables Lifecycle Management, Collections, Debt Management and more
The unpredictability of the Covid-19 pandemic and continued usage of legacy technologies ****has brought accounts receivables and the overall management of cash flow to the forefront and companies who need to optimise the management and recovery of their existing capital. Companies are more inclined to invest in modern accounts receivable automation software to facilitate improved collections and overcome the rigidity of legacy solutions.
Enter Invevo - the ultimate tool for orchestrating the entire receivables lifecycle from beginning to end.
A recently published report from The Hackett Group, titled ‘Hackett Redefines Software & Service Market Intelligence By Analysing What Truly Matters – Value Realisation,’ reveals that modern customer-to-cash (C2C) receivables platforms boast a 43% overall average performance advantage over legacy systems.
Chief Market Intelligence Officer Michael Janssen stated in Hackett's Excelleration Matrix that:
“These modern platforms integrate cutting-edge technologies such as data mining, artificial intelligence, and machine learning to optimise the customer-to-cash process. Compared to legacy platforms, they offer improved cash flow management, better customer and employee experience, nearly double the level of fully automated transactions, superior analytics tools, and more.”
These features are integral to Invevo's platform, offering immense opportunities for clients and transforming back-office operations.
In the report, Invevo was positioned as an emerging and innovative player in the C2C technology industry.
Automation and efficiency
Automating the entire receivables lifecycle, Invevo eliminates the need for time-consuming manual processes, such as data entry and paper-based invoicing. This saves businesses valuable time and resources and significantly reduces the risk of human errors that can lead to delays, missed payments, and strained customer relationships.
In addition, Invevo's intelligent workflows streamline and optimise every stage of the receivables process, from invoice generation to payment tracking, ensuring a seamless and efficient experience for both businesses and their customers. As a result, Invevo enables companies to improve cash flow, enhance operational productivity, and ultimately achieve greater financial success.
AI-driven decision-making and behaviour recognition
By harnessing the power of artificial intelligence and machine learning, Invevo's platform sifts through vast quantities of data to identify trends, detect anomalies, and predict outcomes. This empowers businesses to make well-informed decisions, streamline their collections process, and allocate resources more effectively.
In addition, Invevo's AI-driven payment behaviour recognition proactively spots potential risks and opportunities, enabling companies to address issues before they escalate and take advantage of emerging trends.
The result is a more efficient and dynamic approach to managing receivables that ultimately leads to improved cash flow and overall financial health.
A Cloud-Based Platform for Accessibility and Collaboration
Invevo's cloud-based platform offers unparalleled accessibility and collaboration capabilities, making it easier for businesses to manage their accounts receivables from anywhere, at any time. By leveraging the power of the cloud, Invevo ensures that all stakeholders have real-time access to essential information and can work together seamlessly, regardless of their location.
This facilitates better communication, streamlines workflows, and fosters a collaborative environment where teams can work together to achieve common goals. Additionally, the cloud-based nature of the platform eliminates the need for costly on-premise infrastructure and simplifies maintenance, allowing businesses to focus on their core operations.
With Invevo, organisations can harness the benefits of the cloud to optimise their accounts receivables management and drive efficiency throughout the entire receivables lifecycle.
Scalability and adaptability for evolving business needs
Invevo's platform is designed with scalability and adaptability in mind, allowing businesses to grow and evolve without being constrained by their accounts receivables management system. As organisations expand, Invevo can easily accommodate an increasing volume of transactions and clients, ensuring seamless performance at every stage of growth.
Moreover, its modular architecture allows businesses to adapt to changing market conditions, regulatory requirements, and internal processes by enabling them to customizs and configure the platform to suit their unique needs. This adaptability ensures that businesses can always stay ahead of the curve and maintain a competitive edge in an ever-changing financial landscape.
By investing in Invevo, companies can future-proof their accounts receivables operations, fostering long-term success and financial stability.
Real-World Success with Enterprises
With the emergence of this type of technology, there’s an understandable hesitation that comes with it. There’s the question of “how do I know this system is right for me?” and “Do I have enough time and resources to dedicate bringing in this new piece of technology?”
We get it. When making this high-impact decision, you need to eliminate any potential risk before committing. Here are a couple success stories to help eliminate your worries and instil confidence.
How Adecco Reduced its DSO by 30 Days
Adecco’s previous solutions in place before Invevo did not provide the business intelligence needed to make smarter decisions and optimise business efficiency. If they could achieve greater visibility over their clients, identifying those that always pay on time and those that require a little more attention, Adecco’s accounts receivable team could ensure they focused their time effectively. With prior systems lacking the level of detail required to achieve this, Invevo’s accounts receivable solution was an obvious and necessary upgrade to the system.
Invevo’s solution granted Adecco with the insight needed to make smarter business decisions and spend time chasing the correct accounts that are slower to pay.
Here’s how Adecco Group’s Head of Shared Services describes working with Invevo
“With Invevo, we’ve gained the live credit information and business insight needed to make data-informed decisions, be proactive rather than reactive, deliver money in the bank and 2 keep Adecco ahead of the competition.” - Elisabeth Doppelhofer, Head of Shared Services at Adecco
Adecco’s use of Invevo resulted in a 400% ROI in its first year of deployment and a 273% collected period vs forecasted period.
Informa Case Study- How Invevo Helped Embrace Long-Term Flexible Working
With teams in the UK, Singapore, USA and Dubai, the Informa accounts receivables process differed from region to region. In addition, the existing ERP solution did not provide the flexibility the business required in order to extend the standard atomisation across different product types.As a result, each regional team worked in slightly different ways, making general practices across the company inconsistent. The only common denominator across each of the team’s practices was the use of Excel, which is inefficient and extremely time-consuming.
Working closely with the Informa team to ensure all its challenges were addressed, Invevo built a tailored solution designed to support the entire process from start to finish. The new solution completely removed the need to use excel, providing a central task list from which all local teams could work, and an automated collections process which produced significant efficiency gains.
Having automation at product type level allows for a customer to run through multiple strategies at the same time, which together improved the customers experience and payment behaviour.
Invevo’s personal approach to building Informa’s unique solution ensured that they were given a system that can overcome challenges.
How Invevo is Shaping Receivables Process Management
Our innovative approach to providing customers with unique solutions in order to drive operational efficiency across the entire receivables lifecycle is changing how business’s operate. Our team is made up of experts from the worlds of finance - credit management, receivables, lending - and technology who want to see a better world come from our product.
We help our customers by discovering their current business operations and workflows, identify areas to improve and then build an Invevo system that is mapped to their TOM. The system is easily configurable and flexible to suit the business’s needs without the need for intensive IT resource
Invevo is continuously enhancing and developing for the needs of our current and future consumers. We are looking to provide the most innovative and personalised solution in the market in order to inspire a better, smarter and more productive world for managing the receivables lifecycle.
So if you haven't updated your tech stack with the best and most innovative receivables tool, why wait? Book now and transform your middle and back office!
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