Driving Process Improvements, Technology, Collaboration and Value Across Your Shared Service Center
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The document discusses the importance of optimizing credit and collections within shared service centers (SSCs) by leveraging specialized technology to achieve cost reduction and standardization. It highlights that many companies face obstacles such as cultural issues and inadequate technology, resulting in dissatisfaction with their SSC outcomes. Effective collaboration and centralized data management are emphasized as essential for improving performance and reporting in financial operations.
Driving Process Improvements, Technology, Collaboration and Value Across Your Shared Service Center
- 1. Transform Your Credit and Collections Driving Process Improvements, Technology, Collaboration and Value Across Your Shared Service Center
- 2. 2 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:
- 3. 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
- 4. 4 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?
- 5. 5 27% Are companies satisfied with their shared service center? indicate implementing an SSC didn’t satisfactorily allow them to achieve their objectives.
- 6. 6 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
- 7. 7 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.
- 8. 8 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.
- 9. 40% use specialized technology to manage credit risk 30% use specialized technology to manage collections What is specialized credit and collections technology used for?
- 10. 10 Rules engine Oracle JDE SAP AS400 Centralized repository Collections management Credit facilitation Cash application Dispute resolution • Consolidates data to a single view of risk and opportunity • Integrates with ERPs • Drives automation and workflow Specialized credit and collections technology
- 11. 11 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.
- 12. 12 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
- 13. 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. getinfo@fisglobal.com 13
- 14. ©2017 FIS and/or its subsidiaries. All Rights Reserved. FIS confidential and proprietary information.
Editor's Notes
- #11: A challenge that many companies who are still using manual processes face is that they are unable to centralize data, especially when it’s feeding from more than one system. With GETPAID, you benefit from the power of ONE SOLUTION. We can connect with any number of ERPs, including SAP, Oracle, JDE and more. The data feeds into a central repository where we normalize it, apply rules and parameters and create a workflow in and around Credit Management, Collections Management, Dispute Resolution and Cash Application. TOP TAKEAWAY – With one platform to centralize data, companies benefit from a clean view of data and have a single view of risk and opportunity in their accounts.