A new Corcentric guide helps you find the hidden treasures in your B2B payment data.
This blog first appeared on the Corcentric website.
There are three factors that have transformed B2B transaction processing, turning traditionally back-office functionaries into strategic players: visibility, transparency, and analytics. This is true for each step in the P2P process; however, rather than looking at each step individually, companies should adopt a holistic approach where data is available from the point where a PO is issued to the endpoint where an invoice has been paid. And all of this has been made possible with the development and implementation of advanced cloud-based financial process automation solutions
Although many companies have digitized and automated varying steps in the P2P cycle, the “last mile” in the P2P process, payments, still remains largely a manual and paper-based undertaking. As automation streamlines the procurement and AP processes, removing inefficiencies and enhancing accuracy, it will do the same when applied to the actual payment function. But greater efficiency and accuracy, although beneficial to the bottom line, will not necessarily give finance the information necessary to better manage their spend and cash flow. That will come from analyzing the data that already exists within the system.
Corcentric addresses this issue in depth in its recently released B2B Payment Data Guide, “What’s Hiding in Your B2B Payment Data?” which illustrates how finance professionals can better leverage their company’s B2B payment data in order to effectively manage and potentially increase their working capital. Readers of the guide will discover:
- Which key data points carry the most weight when it comes to assessing existing working capital
- The power of the Cash Conversion Cycle equation: CCC=DIO+DSO+DPO
- Ways to help suppliers who still use paper checks convert to electronic payment
- How an automated solution will help detect, earlier and with greater accuracy, fraud and compliance failures
- Which areas within the company are performing below acceptable levels, giving management the ability to identify and address those areas before major problems occur
- How to create more advantageous payment schedules through utilization of data
The Corcentric Guide not only reveals how an electronic payment solution helps you find the treasure hiding in your B2B payment data; it also offers insight into the type of solution a company should be considering. One key observation: “The most effective processes will be open, scalable, and flexible.”
It’s time to find the treasure hiding in your B2B payment data. Download the Guide now.