Digitalization of the Collections Area: Advantages and Benefits for Your Company

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A recent survey conducted by Progress found that there is a sense of urgency among corporate executives to digitalize their business structures: 86% of respondents feel that if they do not jump on the “digital bandwagon” in the next two years, they will be subject to financial losses. The benefits that technology can provide to organizations are evidence that this perception is correct: to remain competitive, it is necessary to surrender to digital.

Without a doubt, all departments in a company can benefit from the oman phone number list of technology solutions. In the billing area, specifically, the advantages range from eliminating costs with printing physical invoices to greater agility, savings and security in transactions, generating greater efficiency in day-to-day processes and management and, consequently, greater competitiveness.

Among the main benefits that digitalization of the collection area can bring, electronic management of bills is one of the most relevant. Through a specific solution, it is possible to replace the process of handling and transporting physical bills with the issuance of electronic bills. In addition to generating savings, due to the reduction in printing and postage costs, it is also possible to reduce the operational work of the area and reduce notary expenses for protests. Another advantage is the agility that is gained in issuing, re-issuing and recalculating bills, eliminating the potential risks of the manual process and optimizing the time of the department's professionals.

Viewing accounts receivable on a single screen is another advantage that a system can bring to the collections area, allowing the centralization of receivables data and easy access to reports. For example, in cases where it is necessary to advance receivables to improve cash flow, having quick information on the amounts contributes to faster and more assertive decision-making. The benefit can also be seen in direct relationships with customers: quick access to data generates more quality and efficiency in the relationship with consumers in case of doubts or questions.

Investing in technology is one of the most effective ways to accelerate the growth of your business. A study by IDG Research showed that companies that use business management systems have 35% faster growth and 10% higher productivity than those that do not have this type of solution. And, since the collections area deals directly with the cash flow of organizations, making specific investments for its operation is even more critical.