In this tip sheet, we will explore the ways in which innovation is transforming the order-to-cash process in the B2B space. From delivering invoices to applying cash, each step of the process has undergone a dedicated transformation that is bringing B2B transactions closer to achieving the seamless and effortless experience of their B2C counterparts.
However, one area has been conspicuously absent from this focus: collections.
With 90% of American B2B professionals reporting late payments by customers and an overall increase in days sales outstanding (DSO) among the top U.S. businesses, collections has begun to draw renewed attention. And for good reason. Collections is tied to one of the most important parts of any business: cash flow.
Poor cash flow can prevent B2B companies from meeting their financial obligations, limit profitability, and inhibit growth. Elevating the role of collections not only contributes to the financial health of a company, but also to the company’s overall customer experience, both critical pieces of attaining the world-class status needed to compete in today’s hotly contested business environment.
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Using technology to streamline and automate the collections process delivers numerous benefits, including accelerating existing cash flow, enhancing customer experiences and more.