“Our belief is data is the new oil,” said Kevin Plank, CEO of Under Armour. “I think companies that will win are using math. As humans we make decisions but it's important we have the best information to make our decisions."
In his March 14, 2016 keynote speech at South By Southwest Interactive Festival (SXSW), Plank spoke about how his company uses data to identify trends and drive business decisions. Under Armour’s fastest growing products include wearable fitness tracking technology, and Plank couldn’t overstate the importance of data as the key to success in any business.
"Is it a coincidence that the companies you would bet on to win are Google and Amazon? They use data to know that you need a new tube of toothpaste, it's been six weeks and they send you an alert,” Plank explained. “I believe the companies that will make it are somehow finding a way to find and curate data.”
Billtrust has always understood the connection between data and increased revenue. Big Data is just as applicable to the B2B space as it is to B2C wearables. Our Payment Cycle Management solution focuses on digitizing accounts payable (AP) and accounts receivable (AR) tasks, including invoicing, payments and cash application, while reducing days sales outstanding (DSO), accelerating cash flow and driving client satisfaction.
It’s no wonder that Under Armour uses Billtrust’s services to handle electronic invoicing. Billtrust Payment Cycle Management applications give growing companies like Under Armour access the data they need instantly. Easy-to-use dashboards and clear reporting tools allow them to make their organizations more transparent, efficient, and help identify trends to automate and accelerate the invoice-to-cash process.
A recent article on PYMNTS.com supports this idea by elaborating on the benefits of cashless payments. IDC also states that “businesses that accept payments sit on a gold mine of insights from customer transactions that can help them improve.” With the right tools and expertise, any company can collect and use their data to enhance anything from user experience to cash flow.
Contact Billtrust today to learn more about how we can give you transparency, efficiency and all the data you need to drive your business into the future.