Digitising customer financial relationship is changing the game! – A guest blog by My DSO Manager
The digital revolution is in full swing! Perhaps we are so engaged and invested on a daily basis that we fail to recognize how powerful the present developments are and how they transform firms and their connections with their business partners.
Credit management is involved in all aspects of a commercial relationship, from the initial contact with customer risk management to the final stages of the sales process with dispute management, cash collection, payment, and performance management.
The race toward digitization is already well underway
Throughout all stages, the entire relationship is becoming digitalized. It represents a great opportunity to increase productivity, quality, and performance to the point that companies who are unwilling to invest in the appropriate digital technology risk slipping significantly behind, negatively impacting cash flow, profitability, and customer satisfaction. Worse, they overlook a significant opportunity for advancement that was previously undiscovered.
Imagine a world where business relationships would be fluid and free of information gaps. A place where risk and potential evaluations are conducted instantly through interconnected tools, and where the seller’s accounts receivable remains continuously aligned with each of the buyers’ accounts payable accounting thanks to efficient and comprehensive digital communication. Any encountered problem would be identified and resolved in real-time by all parties involved, whether on the vendor or customer side.
Picture an innovative credit collection system that was revolutionized by comprehensive follow-up media containing all the essential and critical information, such as PDFs of invoices, most recent comments from concerned parties, till the online payments options. Any disputes would be promptly settled through online interactions between various actors. The performance would be evaluated instantaneously, establishing a link with the treasury through the real-time calculation of anticipated receipts based on the most tangible variables, such as each customer’s actual payment behaviour and collected payment promises.
This is not just a pipe dream! For businesses using My DSO Manager as their credit management SaaS provider, all of the above have become a reality.
To read more of My DSO Manager’s article, you can follow this link