Organizations are investing time, brainpower and resources into pursuing operational improvements in AR, with some success. But that structural complexity is tough to overcome. More often than not, the impact of change initiatives is limited by underlying challenges. Source system fragmentation inhibits the creation of a singular view of customers and balances. Reactive decision-making & prioritization inhibit dunning effectiveness. And recurring manual work takes up a significant amount of the AR department’s time. Without a fundamentally different approach to your Accounts Receivable processes, these inefficiencies will only grow and compound over time. And this is where Celonis comes in.
Optimize Working Capital through strong Accounts Receivable management
Accounts Receivable management should be so much easier. A recurring process that represents the final step in a commercial transaction; at first glance it can be difficult to understand how experienced, competent teams across organizations still struggle to reach the desired levels of AR turns, Days Sales Outstanding and cash flow. Looking below the surface however, it quickly becomes apparent why AR remains a pain point for so many companies. AR often mirrors an organization’s operational complexity, including of its products, customers and order management process.
Transform your AR operations across stakeholders
At Celosphere 2022, Celonis launched the new Accounts Receivable Premium Execution Apps. Purpose-built to tackle core use cases across your AR processes, Celonis’ new AR Apps help teams accelerate cash collections and tangibly improve working capital performance by enabling them to operate at their highest level of efficiency and effectiveness.
Unlike other solutions for Accounts Receivable, Celonis grounds your teams in a single source of truth by consolidating data across different systems, generates actionable insights and prioritized actions to reveal and fix your AR process inefficiencies, provides easily customizable views for different stakeholders, and is fast and intuitive to implement and use, adding value to your AR operations in months, not years.
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https://videos.celonis.com/watch/YfbFvbgLe2K327EqmPrDzT
Drive improvements across core AR use cases
The Celonis Accounts Receivable Premium Execution Apps empower teams to drive lasting improvements across AR use cases. The Collections Management App serves as your team’s collections hub, providing team management functionalities, customized views across stakeholders, KPI tracking & analytics, intelligent prioritization and assessment of customer risks to supercharge your collections efforts.
The Disputes Management App removes frictions and holdups from Accounts Receivable processes by tracking dispute impact, accelerating diagnostics and root cause analysis, and enabling dispute resolution at scale. The Credit Management App facilitates efficient and accurate credit operations. Data-driven risk assessment combines with centralized customer information to streamline approval processes and minimize risk, while customer onboarding is simplified for end-to-end efficiency.
Tackle underlying inefficiencies impacting your AR
Through the apps, Celonis helps teams tackle the structural complexities that stand between the status quo and the desired state of operations. The apps
- Provide a singular, 360-degree view of your AR operations by connecting the data across all your source systems, apps, and desktops. Stakeholders across functions and hierarchy access the same information, while customizable views ensure that they can focus on the information relevant to them, without requiring additional data reconciliation.
- Enable data-driven customer prioritization and risk assessment by taking into account balance age & size, past payment behavior, disputes, credit utilization, and other factors. Risk scores inform escalation decisions where necessary, and credit approval decisions are simplified through systematic risk evaluations.
- Facilitate intelligent and efficient execution by identifying common inefficiencies and teeing up appropriate solutions. Common manual steps such as dunning emails, dispute coding or credit approvals are simplified or eliminated through built-in automation. Team orchestration is streamlined across hierarchy levels, escalation decisions are guided by data.
Leverage process insights for intelligent execution
The Accounts Receivable Premium Execution Apps help you record key developments that otherwise are often not captured systematically by ERP systems such as customer disputes, promises to pay or ownership assignments. Further, the apps are powered by the Celonis EMS, which acts as a brain for your collections efforts, supercharging operations by coordinating across all the moving parts of your people, your processes, and your technologies. The apps are powered by
- Real-time Data: Celonis integrates data across your transactional and analytical systems in real-time and at scale.
- Process Intelligence: The apps are built on the back of Celonis’ extensive codified repository of AR process knowledge, which continues to learn and evolve over time.
- Targeted Action: Powered by the Celonis EMS’ platform’s process intelligence, the app identifies the structural inefficiencies, quantifies their impact, and proposes resolutions.
AR is among an organization’s key levers to optimize Working Capital, and a strategic priority for Finance departments. And at a time when high inflation, supply chain disruptions and the risk of a recession make effective cash management particularly vital, a fundamentally new mode of operations is required. The Accounts Receivable Premium Execution Apps combine process insights with targeted AR capabilities to enable Celonis to be the partner that helps organizations achieve their strategic AR goals.