Modern data management is based on digital technology, which allows your accounting department to go paperless, and automate business processes and communications with your customers and vendors. It also makes it possible for your customers and vendors to self-manage their account data with you through a self-service portal.
No one knows customer and vendor data better than the customers and vendors themselves. So why not ask them to review, update and validate their own master data? Business partners want to self-manage their accounts with you. It saves you time and increases the accuracy of your master data. It’s a win-win solution for you and your customers and vendors.
Benefits of Modern Data Management
With modern data management you can go paperless and automate business processes and communications.
- Collect data and documentation online: If you have hundreds or even thousands of customers and vendors, and collecting data and documentation is still done manually, think of the number of hours your accounting team spends on these time consuming tasks instead of more productive activities. Phone calls and searching files can quickly absorb your team’s available time.
- Automate follow-ups: Activity management and automated follow-ups help to focus your accounting team on high-value activities, and what needs to be done next to achieve department and company objectives. A lot of time can be wasted trying to figure out what is the most important thing to do next, or pursuing low-value activities.
- Flag and resolve exceptions: It’s not necessary for your accounting team to look at every transaction, when automated solutions can flag exceptions for them to focus on, and automated customer communications can make problems easier to resolve. Scanning computer reports for exceptions is a needless waste of time when exceptions can be automatically flagged for follow up.
- Share data digitally: Sharing master data with customers and vendors via a self-service portal is a much better solution to profile management, and can accelerate cash flow. Clean and up-to-date master data helps to reduce operational and financial errors, disputes, unauthorized deductions and chargebacks.
- Allowing an incorrect contact to reroute a request: A better solution than bouncing an email and the follow up needed to fix it.
Modern data management gives you the power to go digital, be paperless and automate your business processes and communications. Automated credit and collection solutions make it possible to optimize automation, and increase cash flow.
Lockstep Collect, a leader in cloud-based credit and collection platforms, can help you collect cash in 4 ways:
- Cloud-based solutions
- Automated vendor and customer communications
- Customer and vendor self-service
- Collections Activity Management
Lockstep Collect is an experienced software partner that can help you maximize your collections and cash flow in the new normal.
If you would like to learn more about how you can benefit from automated credit and collection solutions, please contact Lockstep Collect at www.lockstep.io.