Building a Championship Caliber A/R Team
500-1 odds. Those were the exact odds that the Las Vegas Golden Knights had to win the Stanley Cup entering this season. There are a few things you need to know. First 500-1 odds are not good, they’re terrible odds. However there is a reason for the lack of optimism for this team. This is their first year as a team. The Golden Knights were formed in the expansion draft last year where each NHL team lost one player, from their roster, in order to help generate this new hockey. To make things even more challenging for the Golden Knights, most of these players had never played together before. Fast forward to today, and the Golden Knights competed in the Stanley Cup Finals, for a chance at a championship in their first season of existence.
Truth be told, the Golden Knights were the third best team in the Western Conference, and the fifth best team in the entire NHL during the regular season. Whether you are a fan of hockey or not, you have to respect the level of play, strategy, and their determination to succeed. Now let’s look at your company.
How do you build a championship caliber A/R strategy?
Hopefully your odds at “success” are better than 500-1, but if they’re not, we can help you out. There are a few things that should go into your A/R championship strategy.
First, you need the right staff! It seems obvious, but if you don’t have the right team, how can you be a champion? Your team needs to be able to scale their workload as your company grows. The key to scalability is making sure your team is operating efficiently, securely and smartly.
Second, you need to automate! It’s time to leave behind the manual accounts receivable process and welcome automation to your roster. An automated A/R process will boost business efficiency, reduce costs, increase customer satisfaction and help you lower your DSO.
Finally, you need a machine-learning cash application solution. Much like a goalie that can anticipate every move your opponent makes, machine-learning technology uses data to predict processes and tasks. This allows you to save time and money as the technology can let you focus on more challenging exceptions and disputes..
The road to the Stanley Cup is always one filled with challenges and grit. However, when you have a team that has the previously mentioned components, you definitely increase your odds of success.