driving process improvements, technology, collaboration and value across your shared service center
TRANSCRIPT
Transform Your Credit and Collections
Driving Process Improvements, Technology, Collaboration and Value Across Your Shared Service Center
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Visibility into cash and risk
Automation and workflow technology
Collaboration and communication
The success of a finance and accounting shared service center (SSC) or a center of excellence depends on:
Why do companies set up shared service centers?
67% 65% 60%
Standardize processes
Follow best practices in financial
processing and working capital
Achieve cost reduction through productivity gains
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We have migrated our credit and collections into an SSC and have begun to standardize
processes and have reduced some of our costs. We aren’t completely satisfied with our results.
How can we continue to optimize?
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27%
Are companies satisfied with their shared service center?
indicate implementing an SSC didn’t satisfactorily allow them to achieve their objectives.
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What are the obstacles to achieving financial objectives and satisfaction within a shared service center?
Internal cultural issues
An inability to measure performance
Lack of technology
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We were managing credit and collections across disparate systems and spreadsheets, which made it
difficult for us to measure our performance. By implementing credit and collections technology to centralize data into a single view of cash and risk,
we not only drive process improvements and increase cash flow, we have the information in one system to help
report our performance back to the businesses.
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40%
Specialized technology makes the difference
of experienced SSC professionals highlighted the importance of best-in-class technology in order to achieve financial and operational objectives and ensure a high level of satisfaction among internal counterparties.
40% use specialized
technology to manage credit risk
30%use specialized
technology to manage collections
What is specialized credit and collections technology used for?
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Rulesengine
OracleJDE SAP
AS400
Centralizedrepository
Collectionsmanagement
Creditfacilitation
Cash application
Disputeresolution
• Consolidates data to a single view of risk and opportunity
• Integrates with ERPs• Drives automation and workflow
Specialized credit and collections technology
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I can integrate data from our disparate ERP systems into our credit and collections automation workflow
solution for a single view of cash and risk. I can manage credit risk, collections, dispute management and cash
application all in one system, which also makes reporting easier. Predictive analytics is also embedded into the
system to help me use my customers’ payment behavior and drive my collections strategies.
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Close collaboration with internal stakeholders, including business units as well as external partners such as collection agencies, is fundamental to delivering value across an SSC.
Collaboration is key
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Optimize your credit and collections within your shared service center or center of excellence with specialized credit and collections technology.
Are you ready?Talk with FIS today.
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