What Charles Darwin had to say about the evolution of species applies to business enterprises as well: adaptability is key to survival.
Consider accounts receivable (A/R) operations. The proliferation of check payments during the 20th Century led many businesses down the path of automation, in the form of lockboxes (managed in house or outsourced), which helped to reduce costs by compressing collection cycles and eliminating labor-intensive processing steps. By the turn of the 21st Century, however, the proliferation of new payment methods and channels (ACH, cards, online and mobile), created a new, more complex environment, as companies, acceding to customer demands for more payment options, were forced to implement disparate systems for accepting and processing receivables. What has emerged are corporate A/R operations bogged down by costly, error-prone manual processes spread across numerous legacy systems.Read More