Finance and Supply Chain Offerings

Accounts Receivable Operations

Accounts Receivable (AR) Operations, built on the ServiceNow platform, is designed to streamline and automate the entire accounts receivable process, enhancing efficiency and accuracy. By leveraging this application, organizations can reduce manual tasks, improve customer experience, and improve cash flow management. Improved financial insights is an added benefit to automating accounts receivable operations.

The suite includes several key components, each offering unique benefits:

Customer Payment Profiling: Leverage customer payment history and other organizational data to profile your customer’s payment potential. Using this data, we’ll estimate the likely payment date of each customer invoice and automatically update the likely payment date based on ongoing customer history. This allows us to prioritize AR activities.

AR Process Automation: Using our customer-profile based prioritization, we can centralize and automate AR operational activities such as customer accounts payable setup, customer proactive payment approval notifications, and customer invoice process mapping verification. This removes customer barriers to on-time payment.

Improved Financial Insights: Using each customer’s likely payment calculation, we can more accurately project invoice payments and better forecast receivables. This provides greater insight into the organization’s cash flow.

Accounts Receivable Operations, built on ServiceNow, enhances AR efficiency, leading to improved financial performance and customer satisfaction. By prioritizing AR tasks, we can focus on items that remove barriers to on-time customer payment and therefore improve cash flow. Let Workpact demonstrate how we may improve your AR efficiency and receivables cycle.

Source To Pay

ServiceNow's Source to Pay (S2P) suite is designed to streamline and automate the entire procurement lifecycle, from sourcing suppliers to making payments. This suite enhances efficiency, reduces manual errors, and ensures compliance with regulatory standards. By centralizing procurement processes, it fosters better collaboration, transparency, and real-time visibility into procurement activities, ultimately leading to cost savings and improved supplier relationships. The suite's comprehensive approach helps organizations manage procurement more effectively, allowing them to focus on strategic priorities and drive better business outcomes.

The suite includes several key applications:

Procurement Service Management: This application automates procurement workflows, reducing cycle times and increasing control over corporate spending. For example, a digital storage company cut its procurement cycle times by more than 50% in just eight weeks. This automation not only speeds up processes but also provides complete visibility into spending, helping organizations manage their budgets more effectively.

Supplier Management: This tool helps manage supplier information, performance, and contracts, fostering stronger supplier relationships. A notable success story is how a leading telecommunications company improved supplier collaboration and reduced risks through enhanced visibility and control. By centralizing supplier data, organizations can ensure better compliance and performance tracking, leading to more reliable and efficient supplier partnerships.

Invoice and Payment Automation: By automating invoice processing, this application reduces manual data entry errors and speeds up the payment cycle, enhancing supplier satisfaction. A global tech company reported significant improvements in payment accuracy and efficiency. This automation also helps organizations take advantage of early payment discounts, further reducing costs and improving cash flow management.

These applications collectively transform procurement operations, driving efficiency, reducing costs, and improving overall procurement performance. By leveraging the capabilities of the Source to Pay suite, organizations can achieve a more streamlined and effective procurement process, ultimately leading to better business outcomes and stronger supplier relationships. Learn more at: ServiceNow.com

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Accounts Receivable Operations

Source To Pay