Finance
Finance professionals spend a chunk of their time collecting, tracking and chasing receipts and invoices – up to 2.7 working days every month, according to research by spend management specialists Moss. Yet up to 16 working hours for every 100 transaction-related tasks could be saved by adopting an automated spend management platform. That’s according to Sarah Hamarneh, strategy and business development manager at Moss.
Waste-management company Biffa has triumphed after binning its old cash-collection system. Emily Munnoch, the firm’s finance director for shared services, explains that an AI-powered order-to-cash platform has helped to secure and accelerate cash flow – by expediting invoice payments and managing disputes and credit risk. “Our dunning success rate has improved by 22.5%, which has reduced overdue debt and improved cash flow for the business,” she says.
And there are further benefits. “All of our credit controllers love using the platform, and it has enhanced customer communications because we can now communicate electronically with more than 99% of our customer base,” she adds.
Elsewhere, Ilija Ugrinic, commercial solutions director at Proactis, an international payments software business, offers two examples. His company saved Screwfix £100,000 year-on-year after introducing “one standardised, integrated automation solution that streamlined receipt, approval and exception handling”. Additionally, Wigan Council, which deals with around 90,000 invoices a year, improved invoice processing by 66% using Proactis’ solution and generated an annual saving of £120,000.
HR and recruitment
Shayne Simpson is managing director of TechNET IT Recruitment. He admits that he took a risk in choosing a solution that automates recruitment processes and communication with candidates using staffing software company Bullhorn’s cloud-based platform. But he insists that the gamble has…
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