[Heavy Machinery & Equipment] Digital products need digital processes
The heavy machinery sector is exhibiting some spectacular digital innovation. It’s inventing a new generation of smart, connected and autonomous machines for construction, mining and many other industrial uses.
But the industry isn’t showing the same enthusiasm for modernizing its internal business processes. Equipment service providers have been neglecting to digitize back office functions, like the order-to-cash cycle, which are so critical to the financial health and long-term competitiveness of their business.
Continuing trends will only exacerbate this. As revenue models shift from purchase to rental, and data services are added to products, companies will need access to more flexible and automated financial systems.
As business volumes grow and customers demand different invoicing and payment options, the old paper-driven processes reveal themselves as inadequate. Manual processes can’t cope with the scale of transactions or the complexity of security and regulatory compliance requirements, and they can’t deliver customer satisfaction.
Investment in digital business processes is essential if firms are to seize the full market opportunity for digital heavy machinery.
This white paper discusses how investing in accounts receivable automation can enable heavy machinery companies to create a sustainable competitive advantage – by developing financial processes as intelligent as their products.