NEW YORK, Feb. 25, 2020 /PRNewswire/ -- Businesses fight for every advantage they can get. Their lifeblood is the stream of capital they must ensure. Consequently, those businesses that gain a significant advantage in securing their receivables and ensuring constant cash flow will replace those that do not. Today B2B businesses are using Smart Receivables Collection Solutions to gain this advantage and they are outpacing their competition.
Smart Receivables Collection Solutions are an intelligent tool that reminds your customers to pay you in an effective way while maintaining a strong relationship with them. The most advanced solutions such as Gaviti seamlessly integrate with any available ERP in one day. The reason why Smart Receivables Collection Solutions are taking off is twofold:
1) They free up enormous amounts of time that businesses waste on countless efforts to collect payments from customers.
2) They significantly decrease the time it takes for B2B businesses to get payed which today stands at an alarming 50 to 70 days.
In addition to these critical benefits, Smart Receivables Collection Solutions enable a whole set of other advantages. They enable full transparency for management regarding customer payment status by making it easily visible and accessible. Can you imagine having a clear and simple picture of the status of all of the payments that you are supposed to receive as well as the ability to share this picture with only relevant teams? This transparency leads to high efficiency and accountability between parties involved in sales and collections.
One of Gaviti's ground breaking offerings is that it allows businesses to take advantage of the enormous amounts of proven collections workflows that are constantly being tested and improved so that you do not need to try what methods work best to get payed. Collections methods are efficient and automatic from day one. The solution also alerts users when they are doing business with a party that has a faulty payment history. Not to mention, automated documentation of collection efforts provides an audit trail for accounting purposes that is critical to many businesses.
A Big 4 accounting team that leverages Gaviti had the following to say about the advantages of using the solution, "We did not need to invest efforts into understanding the solution. Its magic is in its simplicity. Integration and user experience was easy even for individuals who have never worked with these types of system before." The team said that 3 things about the solution won them over, "Most critical to us is the significant time we save by having our collections automated, the system is visually appealing and very comfortable to use, out of all the products we use in our operation, Gaviti delivered the best customer service we have ever had. The customer success team answers our questions in minutes."
The adoption of solutions to enhance business performance is of cardinal importance, especially in the fields of working capital and receivables that ensure business sustainability and growth. All of the factors above along with the macro picture regarding the Smart Receivables trend provided in Frost & Sullivan's previous article lead Frost & Sullivan to believe that the adoption of Smart Receivables Collection Solutions is becoming an important component in managing receivables. We are witnessing a wave of businesses stopping to utilize countless employee hours for collections and thereby gain an advantage over those businesses that have not yet adopted a Smart Receivables solution.
Frost & Sullivan is a global strategic and financial consulting firm. Over the past six decades, Frost & Sullivan has become world-renowned for its role in helping corporate leaders, investors, and governments navigate economic changes and identify disruptive technologies and new business models resulting in a continuous flow of growth opportunities to drive future success. Today, more than ever before, companies must innovate, not only to survive, but thrive in the future. We provide service to 10,000+ clients worldwide, including emerging companies, SME, the Global 1000 and the investment community.
Frost & Sullivan
SOURCE Frost & Sullivan