Make Every Role a Customer Experience Role
Here’s a fact modern businesses can’t afford to ignore: 85% of business buyers say the experience a company provides is as important as its products and services. In other words, your customer experience could be the differentiator that pulls more market share to your organization. How can A/R leaders provide a better customer experience? By leveraging the efficiencies of intelligent longtail credit and A/R automation to make every role in their department a customer experience role.
Automate High-Volume, Smaller-Value Transactions
Long-tail customers are the group that generates about 20% of an organization’s revenue, usually with high-volume, smaller-value (read labor-intensive) transactions. With Apruve’s intelligent long-tail automation, your team can manage these routine, repetitive transactions much more efficiently by offering long-tail customers an electronic buying relationship. Long-tail automation standardizes a simple, fast, consistently error-free transaction experience.
By automating long-tail transactions, A/R teams can dedicate more time to the 20% of customers who generate 80% of the revenue. The role of A/R employees shifts from high-volume, routine transactions to activities and tasks that improve the customer experience, such as
- Faster credit approvals
- Quicker customer onboarding
- More attention to customized invoicing
- Regular A/R reviews to catch and correct errors early
- Settling billing disputes more quickly
With more time to spend on value-driven activities, A/R teams are empowered to build and enhance customer relationships. Every customer interaction – whether with long-tail or short-tail customers – is optimized for speed, accuracy and efficiency. This makes a difference in the bottom line. Organizations that implement automation across credit and A/R processes see 30% to 200% ROI within the first year as A/R employees can now refocus their time on higher-value activities, and sales representatives can spend less time on collections. In addition, nine in ten customers (91%) say a positive customer experience makes them more likely to make another purchase.
Position for Business Growth
Long-tail automation and the shift to value-driven A/R can position organizations to grow via strategies such as:
- Reducing operational cost and time by 30-50% across A/R processes, allowing businesses to do more with less
- Refocusing efforts on strategic initiatives that drive value and growth. Use of intelligent automation creates higher-value work for employees for 90% of organizations.
- Enhancing decision-making with improved visibility into processes in real-time.
- Accessing and using new data to find new avenues of growth. Intelligent automation can increase top-line growth by 15%.
A/R teams can also handle growth in order volume and frequency with efficiency. They’re able to scale the customer experience to keep customers of all types satisfied with their transactions and their buying choice.
Like to learn how your team can reduce time spent on credit and A/R activities by 50%? Download our white paper, Unlock Your Team’s Value Generating Potential with Business Process Automation.