How to Overcome the Biggest Challenges for Financial Directors and Controllers with Invevo

Introduction:

Financial management and credit management play a pivotal role in the success of any business, ensuring stability, growth, and profitability.

However, the complexities of modern financial environments have given rise to numerous challenges for financial directors and credit controllers.

From cash flow management to using multiple time-consuming processes and lack of visibility, these professionals face a multitude of hurdles that demand innovative solutions.

This blog post dives into the pain points faced by financial directors and credit controllers and introduces Invevo as the transformative solution that addresses these challenges head-on.

Struggling with Cash Flow Management

Cash flow, the lifeblood of any organisation, is an area of paramount importance.

Deloitte’s autumn 2022 European CFO survey suggests CFOs are feeling “an all-time high” in their financial and economic uncertainty, topping the previous all-time high of spring 2022.

So arguably, the time for effective cash flow management with accounts receivables is paramount.

Financial directors and credit controllers often grapple with cash flow challenges with their receivables that can severely impact business operations. Inadequate cash flow management can lead to missed opportunities, delayed payments, and an increased stack of unresolved disputes causing further debt.

Invevo’s Streamlined Credit Management Solution:

Invevo addresses these pain points comprehensively with its innovative platform that offers real-time insights and predictive analytics. Automated cash flow projections and reporting empower businesses to foresee potential shortfalls and take proactive measures.

Invevo’s powerful and reliable workflow engine enables you to configure any combination of workflow processes with automated communications to increase cash collection performance and ensure lower bad debt.

Accurate Credit Risk Assessment

Credit risk assessment is another critical concern for financial directors and controllers.

Accurate evaluation of customers' credit risk is essential to prevent bad debt and financial losses. The challenge lies in effectively gauging the credit risk of diverse customers, considering factors like payment history, industry trends, and economic conditions.

Invevo’s Accurate Credit Risk Assessment:

Invevo leverages data analytics and machine learning for precise credit risk assessment.

By analysing historical data, like customer behaviour, Invevo can track every customer's credit risk in real-time and automate decisions to manage credit exposure.

Inside the platform, you can even revise credit limits to manage exposure levels based on real-time credit risk alerts.

Outdated Manual Processes

Manual financial processes, including Excel data entry and manual customer communications (multiple systems for email, SMS, calls) are time-consuming, inefficient and prone to errors.

As businesses grow, manual processes become harder to manage, and data integrity and security concerns arise.

Credit controllers can often feel overwhelmed by the influx of manual tasks, not to mention the added complexity of having to use multiple systems for them.

Invevo Automates Financial Processes

Invevo's platform eliminates manual data entry and customer communications through intelligent automation.

For your customer communications, Invevo has a fully integrated communication suite so that your users can communicate using all channels from the Invevo desktop.

Invevo eliminates the need for Excel by providing real-time data-rich dashboards, that can be accessed by anyone who needs to in a team, giving the credit controller the latest data instantly so that they can create advanced reports allowing for better insights and decision-making.

To read more about how Invevo empowers finance professionals for more impactful contributions and leaving behind Excel, read our blog post here

Lack of Visibility Hindering Decision-Making

As businesses grow and scale, their financial processes need to do so alongside it. A common problem we see with FDs is a lack of visibility across their credit control team grows and scales, reducing visibility through hybrid/remote working, and hindering collaboration and effective decision-making.

The lack of visibility and fragmented inadequate technology solutions leads to challenges in accessing real-time data, generating meaningful insights, and effectively communicating with their credit control team.

Invevo’s Enhanced Data Visibility and Reporting:

Invevo integrates data from various sources to provide comprehensive visibility into financial information.

Our innovative integrated task management feature presents users with a prioritised list of key actions for completion so FDs can track task completion performance.

Invevo gives FDs maximum visibility and insights into team performance and promotes the standardisation of processes, which fosters better communication across teams and enables finance directors to make informed decisions regarding credit control strategies and performance.

Conclusion

Financial directors and credit controllers face a multitude of challenges in today's dynamic business environment.

The transformative impact of Invevo's platform in overcoming these challenges is undeniable.

From streamlined credit management to accurate credit risk assessment and automation of financial processes, Invevo offers a comprehensive consolidated solution that empowers businesses to thrive.

Ready to find out more?

Explore the capabilities of Invevo's platform to witness firsthand how it can revolutionise financial management and credit control. Request a demo today and experience the power of data-driven insights in making informed decisions.