CM December 2020

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by Holly Scott-Donaldson
Head of Sales and Marketing at Data Interconnect
hollysd@datainterconnect.co.uk
They are browser-based and frictionless, which
is how your interactions with buyers could be.
How? By using an eInvoicing software platform
that has a self-service portal at its core.
Machine readable invoice formats accelerate
the interaction between supplier Accounts
Receivable and buyer Accounts Payable. They
allow the essential data to be absorbed more
easily into buyer AP systems for Purchase Order
matching, approval and subsequent settlement.
In the best-case scenario, EDI exchanges using
formats such as PEPPOL allow for a zero-touch
order-to-cash process, but when exceptions,
issues or disputes arise, interaction still needs
to be digital, which is where
the self-service portal
becomes invaluable.
Invoicing portals provide the browser-based
interface through which buyers can raise
issues, append documents such as PODs and
commence the process of collaboration
towards resolution. Open cases can be quickly
assigned to a colleague to ensure continuous
coverage during absences. Everything needed
to answer questions or resolve issues is easily
accessible , including a time-stamped audit trail
of all interactions. Colleagues can pick up a case
efficiently and work on it without a handover.
In fact, cases can be moved to different team
members at different stages of the process,
with collections experts focused on reducing
aged debt and AR specialists tasked with
handling invoice queries. Portals provide a
window on real-time and historical activity and
make it possible for teamworking focused on
improving key metrics instead of simply
managing a workload.
During periods of lockdown digital interaction
was all many businesses had. For some, this
caused a vital information gap, while for those
fortunate enough to be using software like
Corrivo, pure digital interaction continued to
serve up valuable insights that could be used to
develop agile and responsive strategies for
challenging times. With further lockdowns
seemingly inevitable, the case for investment in
AR is hastened. Even during the worst of times,
credit teams can be equipped to do their jobs
efficiently and effectively, bringing in the vital
funds their own companies need to weather
the economic storm. With the right tools, credit
managers can become the economic heroes
saving livelihoods, rather than lives.
Advancing the credit profession // www.cicm.com // Novemberw December 2020 // PAGE 37 35