Integrated Invoice-to-Cash (I2C) applications are a new wave of integrated cloud platforms for accounts receivables operations aimed to drive high digital efficiency, improve cash flow and enhance customer experience.
According to Gartner, organizations are urgently optimizing their internal processes to enable cash collections. Integrated I2C applications is one of the top priorities for CFOs in 2023.
The integrated I2C market has been growing rapidly, and is expected to reach $3 billion by 2024. The pandemic has further accelerated the demand for I2C applications. As a result, most organizations are urgently optimizing their internal processes for faster cash collections.
This eBook will preview the top I2C technology trends in 2023, and the below components of I2C applications required for upgrading your accounts receivable operations:
a. Customer Invoicing Automation
b. Collections Automation
c. Customer Payments
d. Cash Application Automation
e. Deductions and Disputes Automation
f. Credit Monitoring
A glimpse into this eBook
An efficient invoice-to-cash process is critical for businesses to maintain a smooth flow of operations.
Any bottlenecks in the invoice-to-cash process can disrupt the whole process and trigger delays that can impact cash flow.
- An integrated solution is a key driver: An integrated application to manage end-to-end I2C processes has become the key to achieve efficiency for most finance organizations.
- Clients seek better collaboration capabilities: Increased collaboration is becoming a key priority for organizations evaluating the integrated I2C applications.
- Vendors continue to expand AI capabilities: Integrated I2C vendors are using AI capabilities for early identification of AR risk, prioritize collection activities and achieve better cash application rates.
- Expansion into new geographies through M&A: Vendors are aggressively expanding their solutions to new geographies through M&A.
Invoice delivery can be automated by sending it to the customer by email or on mobile, thereby shortening the Invoice-to-Cash cycle.
Automating invoice delivery not only enables to meet customer-specified formats, but also facilitates quicker payments.
Customer Self-service/Electronic Invoice Presentment and Payment (EIPP) portals can empower customers to find answers to their deductions/dispute-related questions without having to reach out to customer service staff for help.
AI-powered deductions management and dispute resolution automates workflows to prioritize and resolve disputes faster while improving cash flow and enhancing customer satisfaction.
Integrated I2C applications use a single platform with automation and predictive capabilities to drive hyper-efficiency in the AR management process.
Efficiency in cash application is usually impacted due to the complexity of matching invoices to payments and remittances that come through many channels, in multiple document types, various data formats, and in many languages and currencies.
AI-powered cash application can help overcome these challenges by automatically extracting payments and remittance data and apply it to open invoices with 95% and above straight-through cash posting.
Enhanced Effectiveness: World Class AR Performance Cost Savings: staff cost, bad debt expense, funding of AR Improved Customer Experience
Increased Cash Flow from AR
Higher Cash Flow & Lower Cost over the Long Term
Improved Customer Experience/Satisfaction
Low Cost Operations
Greater Cash Flow
Increased Cash & Profit