Earlier this week, we hosted the fifth Billtrust Summit, our annual customer and partner conference where leading finance and IT professionals convene to network and share ideas for improving the order-to-cash process. This year was our largest yet, with speakers including industry leaders, Billtrust experts, customers and partners.
The event theme was “Spark Your Success,” and at a gathering of the best and brightest such as this, you can expect that a wide range of valuable lessons and insights were shared. Here’s a recap of our top highlights from the event:
Flint Lane, our CEO, kicked off the 5th Annual Billtrust Summit
1. AR Leaders seek an end-to-end order to cash solution
Just like any maturing market, gone are the days of piecemeal solutions that address part of a process. AR leaders now demand an end-to-end solution for their order-to-cash needs to streamline workflows, create a better customer experience and minimize the investment to implement and maintain.
End-to-end order-to-cash process
An end-to-end order-to-cash solution is defined as:
- Sales and Quote Management
- Credit and Risk Management
- Invoicing
- Payments
- Collections Management
- Dispute Management
- Cash Application
Billtrust Quantum already delivers most of the end-to-end solution, but we identified one key gap in our offering, which leads us to our next highlight…
2. Billtrust Acquires Credit2B, a Pioneer in Trade Credit Risk
Flint, our CEO, announced the acquisition of Credit2B, expanding the Billtrust Quantum suite with the addition of credit and risk management solutions, including trade reports, online credit applications and credit decisioning.
Credit2B leverages crowdsourcing and other technologies to provide up-to-date payment behaviors and financial risk information on common customers, easing the credit decisioning process for suppliers. This approach is unique in the market and provides market leading intelligence for customers worldwide, across a variety of industries.
Not only do the Credit2B solutions fit nicely in our Billtrust Quantum suite, but the team also shares similar values and culture, making this an ideal acquisition!
3. International capabilities are a growing need in the market
Depending on the industry, specific organization, and even role within AR, international capabilities could have a wide range of meanings: printing and mailing globally, multiple language support, cross-border and in-country payments, GDPR adherence, in-country data storage, and the list goes on. While there isn’t a common definition of “international capabilities,” there is a recognition that more needs to be done.
4. Adoption of AP automation continues to create headaches for AR
Payors are in the midst of a mass migration called accounts payable (AP) automation; these platforms offer payors a single place to manage all of their vendor orders, invoices and payments, which is great for AP. Unfortunately, these AP platforms weren’t built with AR in mind. In fact, it’s creating a lot more work and pressure on AR departments in order to get paid. These platforms have no clue how AR departments prefer to get paid, and the form of payment, its speed, and the amount of remittance advice varies wildly from platform to platform.
As a result, AR teams need to accommodate multiple payment types, solve for decoupled remittances from electronic payments, and understand how to keep up with growing customer demands for credit cards while minimizing costs.
A/P automation adoption continues to grow across all segments
5. Volition: the power of choice
Keynote speaker Major Dan Rooney shared his remarkable story that started with a boyhood dream of becoming a golf professional and fighter pilot, turning that dream into reality, and his continued impact on our world with his charity, Folds of Honor.
He spoke of volition, the power of choice, and reminded us that,
Not only was the Summit a great opportunity to network, share success stories and learn new approaches, but it also gave us all an opportunity to unwind and have some good ‘ol fashioned fun.
Our very own Val Bruno taking a moment between sessions for a much-needed puppy cuddling session with therapy dogs from Pets on Wheels and Fidos for Freedom.
Billtrust Summit veterans — this group has attended all five years!
Unwinding with giant beer pong after a session-packed day
About the author:
Deirdre Mills is Director of Solutions Marketing at Billtrust. You can reach her on LinkedIn.