Globys Research A strategic perspective on invoice-to-cash

Arming your internal teams a single customer view

Topics: Information Reporting, Invoicing

The saying ‘a team is only as strong as its weakest player’ couldn’t ring more true when it comes to interacting with customers.  Although companies have invested a considerable amount of resources to data management, there’s still a major gap that often leaves the front-line players feeling ‘weak’ in customer understanding. Without the ability to directly access the data and insights they need, customer-facing teams – such as support, account management, and sales – are often faced with choosing between acting now on assumptions or acting later when they finally obtain the requested data.  It shouldn’t be a battle between acting faster or acting smarter – these teams need the ability to do both, in conjunction with each other.

Traditional BI tools and manual processes are ill-equipped to solve this problem. This has companies evaluating areas where data insights can truly make an impact – and deciding the best way to get the right team members the information they need.

A recent survey conducted by Computing, which included nearly 400 decision makers from UK organizations, highlights that a change is on the horizon.  Although traditionally, IT has owned all of the data and all of the projects attached to that data, these companies are predicting a shift in where key business stakeholders initiate and own functional-specific projects.  What’s driving and enabling this shift?  Technology integrations that are making it easier than ever before to provide users with the access and data required to act smarter and faster.

According to the survey:

  • Currently in 70% of organizations, analytics is restricted to the upper echelons of the decision-making hierarchy, but in three years’ time that figure is predicted to fall to less than 30%. At the same time, more than half predict that analytics in their organization will be democratized using self-service tools that are much more intuitive to use.
  • Turning raw data into useful information, closely followed by providing actionable insights, was noted as the biggest challenge in achieving success with big data.
  • While a few respondents said they would not make any important decision unless the data was 100 percent accurate, the consensus was that a level of accuracy between 80 and 90 percent is good enough.

And what’s the richest source of customer data?  The invoice.  The products that customers are consuming and at the rates at which they’re consuming them, organizational growth and priorities, organizational and accounting structures, and so on – all of this can be derived with a comprehensive view of a customer’s invoice data.

It’s about arming the right people with the right information – in the most efficient way possible.  And about strengthening your teams’ knowledge so they can strengthen your customer relationships.