- Solution overview
The digital way to face down cash application challenges
Genpact's Touchless Cash Assistant takes on all your cash application issues
Global companies spend between $50 and $60 million every year on processing cash applications manually, according to Genpact estimates. That’s a lot of money, certainly. But this inefficiency also puts data integrity at risk, leads to lost revenue, and degrades the customer experience. The good news: Enterprises can face down challenges with data, inconsistent policies, and fragmented processes using advanced, zero-touch digital technologies. That leads to real efficiency gains – and 100% accurate payment accounting.
Companies want to realize revenues quickly when customers increase their order volume – but to do so, the cash application process needs to respond with agility. Suppose, for example, a customer makes multiple orders. If the company handles this manually, the customer’s credit limit might not be up to date and the new orders wouldn’t go through until the finance team recognized a payment. It’s bad enough that such situations lead to unnecessary resolution costs. Worse, they jeopardize the customer experience – and that can mean cancellations.
What’s more, achieving accurate cash application manually is painstaking and time-consuming. Consider the kind of back-office support the process takes. Staff must deal with exceptions handling, preparing refunds and direct-debit proposals. They must also generate customer statements, respond to collection queries, and apply reconciliations. Dealing with all this can take up as much as half their time, which delays payment posting and drives down accounting efficiency. Yet while automating the cash application process offers real opportunities for improvement and cost reduction, firms often don’t move forward for the following reasons.
Genpact’s Touchless Cash Application Engine automates payment information – no matter what form it arrives in – as well as payment processing and related AR activities. It does so using advanced digital technologies, such as machine learning, natural language processing (NLP), robotic process automation, and dynamic workflow (see figure 1). This cloud-based solution offers best-in-class usability, can work alongside existing technology, takes little time to deploy, and is not expensive.
Key features include:
Still, firms can’t afford not to transform cash applications. By failing to automate, they’re compromising the integrity of their data. They’re also putting customer satisfaction at risk – and that can reduce revenue.
Genpact's combines design thinking with advanced digital technologies and analytics to power the Touchless Cash Application solution. What's more, we back it with the expertise of more than 12,000 professionals with a deep understanding of accounts receivable and industry challenges who work across industries and countries.
Here’s how the Touchless Cash Application Engine solution delivers impact against performance goals:
All this means your firm gets accurate and timely payment accounting – while reducing operational costs and lost revenue at the same time. That’s a tough combination to beat.