For Esker, building a human-centric and sustainable business has been the objective ever since we started the company 39 years ago. And today we still ask ourselves how we can encourage others to also embrace this vision for their organisations.

Some vacation reading took me to the Maslow Hierarchy of Needs, and this theory seemed quite fitting not just on a personal level, but also for a business. According to Maslow, what motivates humans to act is the goal of fulfilling five levels of needs: physiological, safety, social, esteem and self-actualisation. The lower-level needs must be satisfied before the higher-level needs can be pursued.

An organisation’s needs can be categorised into a similar ranking: The source-to pay (S2P) and order-to-cash (O2C) processes involve the flow of information and money between a company and its customers and suppliers. These processes are, in fact, the foundation of business operations, as they cover the entire cycle of procurement and sales: from sourcing suppliers and placing orders to delivering goods or services and collecting payments. Automating these processes improves efficiency, accuracy, speed and customer satisfaction. These advantages, in turn, flow into all business relationships, including buyers, suppliers, customers and employees.

Using the Maslow Hierarchy of Needs as a template, we can trace the five motivational levels to a business, too:

Physiological needs for humans consist of food, water, and shelter. For a business, these are cash, liquidity and solvency. Automating the S2P and O2C processes, especially with AI-powered solutions, can help a business meet these needs by making these processes faster, more efficient and accurate. This means fewer errors and delays, and lowered costs by getting paid and paying others faster. Automation can also help a business monitor and manage its cashflow better, so it always has enough money to operate and grow.

Safety needs include security, stability and protection. By improving the quality and consistency of S2P and O2C processes with automation, businesses can reduce the exposure to disruptions, disputes and fraud. Automation solutions build a reliable supply chain, ensuring compliance with rules and regulations, and mitigating risks through consistent decision-making, reliable predictions and accurate data insights.

Social needs generally describe a sense of belonging, acceptance and affiliation. At Esker, we place a lot of attention on exactly this factor: When a business takes care and ownership of the needs of others in their business ecosystem, it creates what we call positive-sum growth. It means that no business can for the long run operate at the expense of anyone or anything else, be it its employees, suppliers or the planet. Automation can help a business meet this standard by enhancing the communication and collaboration with all stakeholders. Not only does this translate into improved customer satisfaction and increased customer loyalty, but also better relationships with suppliers and stronger employee engagement.

Esteem needs refer to the feelings of being recognised, respected and having a sense of achievement. Speeding up business processes and improving their quality ensures better profitability, which gives a company a competitive edge, the ability to convey a strong performance, and engage in sustainable growth. Additionally, these outcomes will positively impact the brand image and reputation of a company, which attracts and retains more customers and talent while reassuring suppliers.

Self-actualisation needs include personal growth and the fulfilment of one’s potential. A clear vision, a strong company culture, and a focus on making a positive impact in the world will inevitably result in a business environment that creates true value to all of society. Automation can help a business meet these needs by freeing up time and resources for strategic planning, value creation, and social responsibility. Aligning the S2P and O2C processes with the company’s mission, vision and values means investing in a stronger ability to focus, inspire creativity, and perform sustainably and with agility.

Since businesses are made up of humans, it’s no wonder that these two compare so easily. And just like in those outdoor survival tv shows where the contestants first build a shelter, forage or hunt for food, and then increasingly turn their attention to improvements or artistic pursuits, an organisation should take care to cover the basics before thinking about expansion or vanity projects. Automating the S2P and O2C processes not only satisfies the basic operational requirements but also creates value and meaning for themselves and their stakeholders in a dynamic and competitive environment.

To find out more about positive-sum growth and how we integrate it into our solutions and daily life, visit www.esker.co.uk

Emmanuel Olivier

Emmanuel has been with Esker for 25 years. As WW Chief Operating Officer, he leads Esker’s operations worldwide, covering sales, marketing and consulting activities. He also supervises Esker’s finances and is in charge of its financial communication and investor relations.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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1. Speed Up Invoice Processing
Automating your cash collection process begins with accelerating invoice processing. Using cutting-edge technology enables quick and accurate invoice creation, approval, and distribution. By reducing manual intervention, you can minimise errors and ensure that invoices reach your customers promptly, facilitating faster payment turnaround.

2. Enhance Payment Visibility
Visibility into your payment process is essential for effective cash collection. The ability to provide real-time tracking and reporting features, allowing you to monitor payment statuses and identify any bottlenecks is crucial. This transparency empowers your team to take proactive measures, improving overall cash flow management.

3. Implement Secure Payment Gateways
Security is paramount when it comes to financial transactions. Ensure secure payment gateways, safeguarding your organisation and customers from potential threats. With encrypted payment channels and compliance with industry standards, you can instill trust and confidence in your payment processes.

4. Minimise Manual Data Entry
Eliminate the time-consuming and error-prone task of manual data entry. Automation tools can seamlessly integrate with your existing systems, reducing the need for manual intervention. This not only increases accuracy but also frees up valuable resources, allowing your team to focus on more strategic tasks.

5. Personalise Customer Communication
Effective communication is key to successful cash collection. Esker empowers you to personalise and automate customer communication, sending tailored reminders and updates. This not only improves customer relationships but also encourages timely payments.

In conclusion, embracing automation in your cash collection process is a strategic move to consider for the new year. By focusing on these five key areas, you can enhance efficiency, reduce errors, and ultimately boost your organisation’s cash flow. Make 2024 the year of streamlined processes and increased success .

Ready to embark on this journey towards a more efficient cash collection process? Contact Esker today to learn more about our cutting-edge automation solutions, and how they can benefit your organisation.

Sam Townsend

Sam is Head of Marketing for Esker Northern Europe and has been part of the Esker family since 2003.

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Enhanced Efficiency and Speed
In the fast paced world of supply chain, time is money. Customer Service automation streamlines routine tasks, such as order processing, tracking, and issue resolution, significantly reducing response times. This efficiency not only improves customer satisfaction but also contributes to the overall speed and agility of the supply chain.

24/7 Accessibility: Automation doesn’t sleep.
By implementing B2B customer service automation, supply chain leaders can ensure that their customers have access to support around the clock. This 24/7 accessibility is crucial for global supply chains, where partners may be operating in different time zones. It enhances the overall reliability of the supply chain and fosters a sense of trust among B2B customers.

Data-Driven Decision Making
Customer Service automation generates a wealth of data that can be leveraged for strategic decision making. Supply chain leaders can analyse customer interactions, identify patterns, and gain valuable insights into areas that may need improvement. This data driven approach allows for continuous optimisation of the supply chain, leading to more informed and effective decision making.

Scalability and Flexibility
As supply chain operations grow, the demand for customer service also increases. Automation provides scalability, allowing supply chain leaders to handle a growing volume of customer interactions without a proportional increase in resources. This flexibility is particularly valuable during peak seasons or periods of rapid expansion, ensuring that customer service levels remain consistent.

Cost Savings
Traditional customer service models often require a significant investment in human resources. B2B customer service automation can lead to substantial cost savings by automating routine tasks, reducing the need for a large customer service team. This cost-effectiveness allows supply chain leaders to allocate resources strategically, investing in areas that directly contribute to the overall efficiency and success of the supply chain.

In summary, B2B customer service automation is not just a technological trend; it’s a strategic imperative for supply chain leaders looking to stay competitive in today’s dynamic business environment. By embracing automation, leaders can elevate their customer service, enhance operational efficiency, and position their supply chains for sustained success in the digital age. It’s time to automate and streamline the path to excellence in B2B customer service.

Upnesh Grewal

As Marketing Coordinator for Esker UK, Upnesh manages Esker UK's marketing campaigns and events for O2C solutions. She has been part of the Esker family since 2022.

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Artificial Intelligence (AI), the simulation of human intelligence by machines, has been around for longer than some might think: The actual beginnings of this field lie in the 1950s, at Dartmouth College in New Hampshire. Over the decades, the excitement has alternately waxed and waned. What catapulted AI to the absolute highest hype levels, however, was the release of ChatGPT by OpenAI in November 2022. ChatGPT — which stands for Chat Generative Pre-trained Transformer — is a Large Language Model (LLM) that unleashed a new era of usability of AI.

The initial enthusiasm was immense. Speculation about all the problems AI will solve, and what problems it
will create, abounded. Almost a year later, the buzz has died down a little, but governments all over the world are considering legislation as to how AI can and should be used responsibly. For private use, AI capabilities are used for entertainment and, not least because of cost, will probably remain so for a while to come. Businesses, meanwhile, are ready to hit the ground running. It is no surprise that Microsoft has embedded a variety of AI-piloted features in its products.

Although it gets the most attention due to its revolutionary capabilities, ChatGPT is not all that AI can do. There are many different layers, and their targeted and pragmatic use can help organisations in their digital transformation.

Machine learning algorithms are not programmed. Instead, they “learn” from user input to solve specific problems, continuously advancing these learning capabilities. They can, for example, extract relevant data from customer orders sent in a variety of formats: free-text emails, PDFs, images and even, for those still stuck in the 90s, faxes. Sometimes, however, misidentifications occur, and values are not correctly read. This is where human intervention is still required to rectify these errors. The machine learning AI will then remember the correction, and, with the help of historical data analysis, from there on out rapidly predict increasingly correct outcomes.

Deep learning, a subcategory of machine learning, can execute even more advanced tasks. Relying on artificial neural networks that mimic the human brain and on enormous amounts of validated data, deep learning extracts information from multiple data layers, yielding even higher accuracy and optimisation. Ideal business uses for deep learning technology can be found, for example, in email triage for shared inboxes, both on the supplier and customer sides. Questions, invoices and purchase orders can all be filtered out and forwarded to the correct recipient. For the Finance department, deep learning can even pinpoint small changes in payment behaviours, order dynamics and credit ratings. These indicators can have a significant impact on working capital requirements, and thus, the earlier they are detected, the better the business can react accordingly.

And then, of course, there is ChatGPT. In addition to the fun moments it can provide when entering a query,
for example, to generate an article about AI business use-cases in the voice of Yoda, it does have some real-life applications. Customers who email a business with questions such as “Where is my order?” or “When will my reimbursement arrive?” are all living different experiences. While sentiment analysis can identify when a customer might be getting frustrated, ChatGPT can help in generating an appropriate response. This refers to both tone and content: pulling the correct information from the different systems and then suggesting a fitting answer. The emphasis here lies on “suggesting.” A human should always remain in control and make necessary adjustments, rather than relying on ChatGPT for fully automated responses. The potential for errors is just too great otherwise.

The hoped-for result would be an efficient workplace that cuts out repetitive and meaningless tasks by using AI, and brings to light hidden financial details and business indicators. These tools need to remain assistive rather than replacing humans, since no matter how intelligent AI is, the human touch just cannot be replaced. Properly used, with an awareness of potential risks, AI technologies should be used to increase well-being, strengthen our democracies, and improve the shared information environment.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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Baker Ing, renowned for its expertise in receivables management for high-value and sensitive accounts, provides bespoke international debt collection, from ad hoc support to acting as an integrated service partner. Credit managers run searches on debtors and create a log of any possible reluctance for timely payment. Esker AI-driven Collections Management fits in perfectly with systems Baker Ing already have in place to enhance the offering to its customers.

The team will be referring Esker’s suite of Order-to-Cash solutions to include Collections Management, Cash Application, Credit Management, Invoice Delivery, Claims and Deductions, and E-payment solutions.   

To help businesses adapt swiftly, Baker Ing and Esker are launching a package designed to offer immediate countermeasures to inflationary pressures. This is the opportunity for companies to fortify their financial operations, ensuring they stay competitive in an inflation-ridden market.

Read full press release here.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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Esker, a global cloud platform and leader in AI-driven process automation solutions for Finance, Procurement and Customer Service functions, today announced that Lactalis Iberia Group, the Spanish subsidiary of the world’s leading dairy foods company, is automating and optimising its Customer Service processes with Esker. Thanks to AI-powered automation, Lactalis Iberia Group has significantly reduced the time it takes to manage customer orders and, as a result, has achieved greater organisational flexibility and improved supply chain efficiency. 

In 2017, the company began its digital transformation of key business areas, including Customer Service, with the goal of moving from a purely administrative management structure to delivering value to customers and employees alike. In 2021, Lactalis Iberia Group partnered with Esker to automate customer orders for three of its companies: Lactalis Forlasa (cheese), Lactalis Puleva (milk) and Lactalis Nestlé (yoghurts and desserts). And this year, a fourth company was added, Lactalis Food Service Iberia, serving the hotel, restaurant and café (HoReCa) channel.

The objective of the project was two-fold: increase efficiency and unify the processes of the four companies while maintaining the specificities of each one.

“Esker’s solution provides us with visibility and analysis capabilities via customised dashboards, where we can easily monitor results and progress for each manager,” said Ángel Ventoso, Head of IT Applications at Lactalis Iberia Group. “Each company has its own dashboard and the security and confidentiality of the information is 100 per cent guaranteed.”

Esker Order Management, part of Esker’s Customer Service solution suite, has made it possible to digitally process and integrate all orders regardless of format (spreadsheets by email, orders in the body of the message, PDF, HTML, etc.).

Lactalis Iberia Group is already reaping the benefits of automation. Today, over 85 per cent of orders are automatically integrated into its SAP® system. As a result, it takes the Customer Service team only one minute to process an order, down from eight minutes previously, totaling 1,300 hours saved per month. Additionally, the elimination of manual order entry errors coupled with faster order handling time, has led to greater productivity in the supply chain — reducing stressors in each of its elements (stock, transport, warehouses, etc.).

Lactalis Iberia Group also benefits from greater organisational flexibility. The centralisation of processes and procedures means that any user trained in the solution can take over at any time.

Thanks to automation and the elimination of paper, Lactalis Iberia Group saves approximately 54,000 sheets per year, 14,300 litres of water and 1,300 kg of CO2 that will no longer be emitted into the atmosphere. Additionally, the company has freed up the need for physical archiving space.

“Automating our order process has generated significant time savings and, consequently, important cost savings for our order department,” said Patricio Corrales, Head of Customer Service at Lactalis Nestlé. “Esker has helped us improve processes and generate value, not only for us and our customers, but also throughout our supply chain, an area where we continue to invest through various partnerships.”

Read full press release here.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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The New Era for the Office of the CFO
As we all know, the Office of the Chief Financial Officer (CFO) provides critical financial leadership for an organisation. The CFO is responsible for creating and executing the financial strategy of the company, as well as managing the financial risks associated with running a business. So with a CFO having such a profound impact on a company’s bottom line it’s essential that they have the right tools at their disposal.

In today’s fast-paced business landscape, the role of the CFO is becoming increasingly critical. CFO’s are responsible for not only managing financial operations but also providing strategic guidance to drive business growth. With the advent of advanced technologies, process automation has emerged as a game-changer for the office of the CFO. By leveraging automation tools, CFO’s can streamline financial processes, enhance efficiency, and unlock a multitude of benefits for their organisations:

Streamlined Financial Operations
Traditionally, financial operations have been burdened with manual tasks, such as data entry, reconciliations, and report generation. These tasks are not only time-consuming but also prone to human error. Process automation enables CFOs to automate repetitive tasks, reducing the risk of errors and freeing up valuable time for finance professionals. By implementing automation, routine processes like invoice processing, expense management, and financial reporting can be streamlined, allowing the finance team to focus on more strategic initiatives.

Enhanced Accuracy and Compliance
The accuracy of financial data is paramount for informed decision-making. However, manual data entry and reconciliation can lead to errors, jeopardising the integrity of financial information. Automation tools eliminate the need for manual intervention, ensuring data consistency and accuracy. By implementing intelligent automation solutions, CFO’s can enforce compliance with financial regulations and internal controls. Automated workflows can be designed to follow predefined rules, flagging potential issues and mitigating compliance risks.

Improved Financial Planning and Analysis
Financial planning and analysis (FP&A) play a vital role in driving organisational growth. However, traditional FP&A processes can be time-consuming and hinder agility. Automation enables CFO’s to gather real-time data from various sources, integrate it seamlessly, and generate accurate and timely reports. By automating budgeting, forecasting, and variance analysis, CFO’s can accelerate the decision-making process and provide valuable insights to key stakeholders. This empowers the CFO to make data-driven decisions, optimise resource allocation, and drive strategic initiatives.

Cost and Time Savings
The office of the CFO can benefit significantly from cost and time savings through process automation. By eliminating manual tasks and reducing the need for extensive manual intervention, automation tools reduce operational costs. Finance professionals can utilise their time more efficiently by focusing on value-added activities instead of mundane and repetitive tasks. Additionally, automation enables faster and more accurate financial closing processes, resulting in shorter reporting cycles and improved operational efficiency.

Data-driven Insights and Strategic Decision-making
Data is the lifeblood of the modern business, and CFO’s play a critical role in extracting insights from financial data. Automation tools enable CFO’s to gather, consolidate, and analyse vast amounts of financial data in real-time. This empowers them to identify trends, perform scenario analysis, and make informed, data-driven decisions. By leveraging automation, CFO’s can become strategic advisors to the executive team, offering actionable insights that drive business growth and optimise financial performance.

Embrace the Technology
Unleashing the power of process automation is revolutionising the office of the CFO, offering numerous benefits that enhance efficiency, accuracy, and strategic decision-making. By embracing automation tools, CFO’s can streamline financial operations, improve compliance, and generate valuable insights from financial data. Moreover, automation enables cost and time savings, freeing up finance professionals to focus on more strategic initiatives. As technology continues to advance, the CFO’s role will continue to evolve, and embracing process automation will be crucial for success in the digital age.

Esker’s Worldwide Chief Operating Officer, Emmanuel Olivier, recently delivered a presentation on the future of the digital CFO: Being an architect of value, strategy and resilience, at the Gartner® CFO & Finance Executive Conference 2023

Contact us for more information

Sam Townsend

Sam is Head of Marketing for Esker Northern Europe and has been part of the Esker family since 2003.

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Cash flow management is crucial for small and medium-sized businesses because it directly affects their capacity to stay operational and grow over time.
Cash flow is the amount of cash coming into, and out of, your company, during a given period. Ideally, your organisation has a consistent supply of incoming cash or a positive cash flow. If you’re losing more money than you’re bringing in, you have negative cash flow, which is a significant indicator that your enterprise could be in serious trouble.
This article covers cash flow management, its importance, and tips to help businesses manage it successfully.

What is cash flow management?

Cash flow refers to the movement of money in or out of a business, organisation, or individual’s bank account. It represents the net increase or decrease in cash and cash equivalents during a specific period.
Cash flow management measures the amount of cash that comes in and goes out of a business over a set period and the methods used to control that flow to keep a business solvent. Negative cash flow means more money is going out of the business than coming in, making it difficult to pay bills, make purchases, or invest in growth opportunities. On the other hand, positive cash flow means cash is available to use as necessary.
Working capital refers to having accessible finances to pay all your responsibilities, and it allows firms to know exactly how much money they have at their disposal. The method and activities required to track your cash flow are called ‘management’.

Why is cash flow essential for your small businesses?

Cash flow management is essential to a business’s financial reporting and planning. It ensures the balance between money coming into the business, making sure it isn’t exceeded by money leaving the company. A positive cash flow allows for paying bills, investing in growth, responding to emergencies, and building a safety net. A small business can survive and grow more with good cash flow.
Cash flow might indicate your company’s health and long-term performance more accurately than revenue or profit. Why? Because you cannot continue day-to-day business operations without a positive cash stream.

How can you better manage your small business cash?

Managing cash flow is critical to the running of a business. Regularly confirming that cash is flowing through the company and leaving your accounts balanced positively enables vital decisions on spending.

1. Maintaining liquidity: As a small business owner, you must ensure sufficient funds to cover your expenses, such as paying suppliers, staff, and bills, to run your business smoothly. Effectively managing your cash flow is vital to avoid any financial hiccups and fulfil your financial responsibilities without any obstacles.

2. Planning for the future: Planning for your financial future is crucial. Forecasting your cash inflows and outflows is an effective way to do this. By anticipating any potential financial gaps, you can proactively take preventative measures to avoid any issues before they arise. Don’t wait until it’s too late – start planning for your financial success today!

3. Managing growth: Cash flow is critical for growing small businesses. To achieve this, it is essential to carefully time cash inflows and outflows while keeping a close eye on inventory levels and expenses. By doing so, businesses can effectively fund their expansion plans and ensure continued success.

4. Improving financial health: Small businesses can improve their financial health by managing their cash flow effectively. This can be achieved by reducing the risk of default, improving creditworthiness, and increasing profitability. As a result, they can have greater access to financing and lower borrowing costs over time.

5. Making informed decisions: Make informed decisions about investments, financing, and other financial matters by understanding their cash flow. With a clear understanding of their available cash, they can determine whether they have enough funds to pursue growth opportunities or need to wait until they have more money. This knowledge is crucial in helping them make sound business decisions.

Tips for the management of cash flow

Cash flow management is critical for the success of any business, regardless of its size or industry. Here are some tips to help you effectively manage your cash flow:

1. Create a cash flow forecast: Creating a cash flow forecast is essential in anticipating your cash inflows and outflows during a specific period. By analysing past data, market trends, and other relevant factors, you can generate a forecast that can assist you in making sound financial decisions.

2. Ensure bookkeeping is up to date: Accurate and up-to-date cash flow reports rely heavily on the information obtained from bookkeeping. By standardising bookkeeping and making it a regular habit, businesses can ensure that the information used to manage cash flow is reliable and make informed decisions based on it – a significant first step towards producing high-quality reports.

3. Streamline your payment processes: Make sure your payment processes are streamlined to avoid delays in customer payments. Whether you’re an SME owner with no accounting experience or a finance specialist, plenty of cash flow software is available to make your processes more efficient. As well as offering improved accuracy, using app or internet-based tools makes it simple for you and your staff to log on and send invoices from any location. Why not use small business accounting software to automate invoicing and payment processing?

4. Generate regular statements for good visibility: As a business changes month to month, so does the cash flow. For example, cash flow in seasonal months may differ from cash flow in months predicted to have low sales. Regular statements help build up a complete cash flow history for the business. This process helps analyse information and predict future finances to inform business planning.

In summary

Small businesses must manage their cash flow carefully to maintain liquidity, plan for the future, manage growth and improve their financial health. Failing to do so can lead to serious financial problems and even bankruptcy.

You need to be able to spot early warning signs, such as a recent drop in a customer’s credit score. Acting fast can reduce the chances of repercussions, such as a lower credit score for your business or damage to your reputation if you can’t meet your own payments.

CoCredo offers many UK and Ireland Company Credit reports that provide thorough, trustworthy, and critical business credit check data. These reports give you the assurance you need to safeguard your business against any financial risks that may be harmful.

CoCredo are an Esker Partner

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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Esker’s Professional Services Manager, Rob Cooper, talks about the role of the Professional Services team throughout the customer journey; from pre-sales, through implementation, to go-live and support.

A discussion between Esker’s Head of Marketing, Sam Townsend (ST), and Esker’s Professional Services Manager, Rob Cooper (RC).

This discussion is also available as a podcast. Listen here.

ST
Hi everyone, my name is Sam Townsend and I am Head of Marketing for Esker Northern Europe. Thanks for joining us for another Esker On Air podcast. In today’s session we are going to be speaking to Esker’s Professional Services Manager, Rob Cooper, to discuss the importance that Professional Services brings to an organisation such as Esker. So, at this point I would like to welcome Rob and let him introduce himself. Hi Rob, tell us a little bit about how you became involved with Professional Services and your past experience and current role.

RC
Hi! Well as Sam said my name is Rob Cooper. I have been with Esker, if you believe my LinkedIn profile, for 6 years and 11 months, to be really precise. I joined Esker all those years ago because I was looking for a new challenge and wanting to have something that was a bit more local, having worked for an Australian company previously. So, I joined the Esker Team and find myself in this position now because my boss at the time, Wynne, retired last year, and I was fortunate enough to be able to take on his role as the Professional Services Manager here at Esker UK. So, that’s how I find myself at Esker and in my current role.

ST
Excellent. Thanks for that introduction Rob. So, I guess a good place to start for those who are possibly unsure about exactly what Professional Services are or PS for short, as we like to say, and what that entails, can you explain what the services are and how they fit into the business?

RC
Sure! Professional Services is an unusual name, and does not really ring true for many businesses. They don’t really know what it is. We are there for the journey from what we call pre-sales; so before you have signed a contract to join the Esker family. We are there to help from that phase, understanding the solution, how it might fit within the business, through to installing the application, getting it integrated to your ERP, helping you through testing and integration and how that works with your business, helping you through training, testing and go-live of the project. We do not just disappear at the end of go-live because we will hand you over to the Esker Support Team for ongoing support issues. We are there for helping with those support issues if we need to be, if it’s very technical and we’re needed there. We are also there for any change requests that people may want to have. Whether that is as simple as adding a few fields onto a form or maybe it is a little more complicated, and we’re looking at creating a brand new process or we are looking at amending the workflow engines, if you are talking about the Procure-to-Pay application. We get involved in the full life cycle of the project from cradle to grave.

ST
Fantastic. Great explanation! So, now we’ve got a good overview of PS, let’s dive in a little more into the detail. Could you explain a little bit more about the onboarding process and the customer journey throughout a project implementation, and perhaps beyond?

RC
Yes. You will have probably engaged with somebody from the Professional Services team during the pre-sales process, but that is not full engagement; you are not going to hear from us all the time. Once you have agreed to join, there will be a contract in place; that is the point that the Sales Team starts to hand the project over to the PS Team and we get that notification. The first thing that you would get, is an e-mail from myself welcoming you to the project, and providing you with some documentation to go away and read. It also gives you the ability to sign up to some of the other services that we have, from Esker All Access through to Documentation and things like that. That is the first thing you would see at the start of a project. Then we start to engage with you and arrange some meetings. The first one would be a kick off call to introduce everyone to each other and make sure that we’ve understood the scope of the project, and also discuss resources and timelines for the project as well. We would love to get the project in as soon as possible, but we have to accommodate things like, well, simple things like vacations. Maybe, we have got a crucial resource on either side that has some vacation planned and that maybe changes the time line. It could be that if we are talking to an Accounts Payable team, maybe they have a month-end or year-end coming up that maybe adjust the time lines. So, those sorts of things we talk about in our kick-off meeting, to make sure everyone is happy and understands what we’re going to go away and do. This is when the project is really starting to gather pace, and then we look at getting fully engaged with the project through our integration and testing of the solution before going into training. That is really the on-boarding process of a project into the Professional Services team.

ST
Fantastic! Yes, that’s really interesting to know that! It’s great to understand how that fits into the customer journey. I presume it’s not always straightforward though and plain sailing? What kinds of challenges do you encounter with certain projects, and how are these overcome?

RC
Yes, there’s always a challenge within every project. Some of them are really big, and some of them are much smaller. We’d much prefer the smaller ones, as would our customers! Typically, the challenges that we see on the onboarding are around integration. It is perhaps one of the biggest challenges. We have seen integration take a weekend, and we have seen it take many, many months. We are here to help the customer through the process of integrating. Sometimes it is a challenge; maybe because, actually producing the files for integration is not easy for the business. Maybe they produce it and all of a sudden they start to notice that the data they’ve got is not perhaps the cleanest and they need to go away and have a mini project and clean up the data. Definitely those are the sorts of challenges that we see at the beginning of a project, and often these are the sorts of things that make timelines longer than desired. We have to go through the integration phase, because if we take an Order Management project, we need to have customer data and have material or item data to be able to process those orders. Without that we are going to struggle to process the documents, so getting that data is key. We don’t really want to progress until we’ve got that, because we are not going to be able to do things like our testing, we’re not going to be able to train you on our solution, because, we’ve got Esker data, but that is not your data. Sometimes there is a challenge there, to visualise what is going on and if it is not customers, the vendors, the items that you are expecting to see. So integration is a big, big piece of work.

ST
Right, I understand that, I guess from that point of view with the challenges, and as larger multi-national contracts are signed, you are probably going to get more challenges. Are integration partners ever used to help to facilitate the process at all?

RC
Yes. We can tackle integration partners from two points of view. It is brilliant if customers have an integration partner onboard already, and we find many customers do, because they have somebody who maybe looks after their ERP for them, and they can take on the role of integration partner. We do come across customers who don’t have that. They have had their ERP for a number of years and it has been in a happy state, so we can reach out to integration partners. We have ERP knowledge; we have as we like to call them ERP evangelists in the business, who can help and talk about a few bits and pieces, but when it comes to proper and true partners, we do have connections in the outside world who can come in and help and advise on those integration steps to make it a connected system.

ST
Ok. Perfect. That’s great. So, I guess coming on to the future, and what does that hold for the development of PS to better assist the customer through the customer journey; I guess like growing teams and that sort of thing?

RC
Yes, so the journey of PS; I go back nearly 7 years and look at what I did when I first started. I did the full pre-sales piece, joining lots of calls with potential customers to understand what they were looking for and things like that. I would go away and do the training as well, and that was great, to go out and see the customer and help them with their training and understanding of the application. And then we used to do the post project piece, where we used to help customers a lot. As the business has grown, and as PS has grown, we have identified that you can’t wear all of those different hats. It’s a big task to handle all of those. So, we now look at what we are doing. We have dedicated resources now around pre-sales. The team and the consultants do a little less pre-sales and are now focussed on the projects.

ST
So they get more time allocated to the projects.

RC
Yes. Training; we now have dedicated resources within the office around training, so that they can talk the business language, they understand how the application works, if there have been changes made they understand how they work within the project. We have dedicated resource there, which means that the consultants are doing a little less training but are more focussed on the consultancy piece. And the last part that I’ve touched on, the post project piece, we have the Customer Experience Team now as well, who are there to help people utilise the system as much as much as possible. So, once again, it is a little less on the PS Team to go away and do. That is the journey that we have been through. That is 7 years worth of journey in a couple of seconds. We have also changed the structure of the PS Team as well. So, we used to do all applications, which is great, you get to know them, and being slightly more old-school, I can go away and do all these applications. However, as the applications have matured they have become bigger, more complex and a little more difficult to understand. Trying to do all of that at the same time is a big ask of anybody. So, we now try and focus functionally on the applications so that we have people who really understand the Procure-to-Pay world and people who really understand the Order-to-Cash world as well. So, we have got people who really understand the applications and modules in far more detail than trying to spread your knowledge widely.

ST
Do you draw on resources from Esker Corporate as well. Is that something you do?

RC
Yes, we have access to what we call the International Professional Services Team – IPS. We can reach out to those guys as well, and we can reach out to the Support Team; there is no reason why we can’t do that. Through those two groups of people we can access the R&D teams as well. So, if we have an incredibly complex problem and is not easily solvable through the tools that we have available to us we can reach out to those guys as well, to get advice and guidance from them. That nicely touches on the structure of these teams as well. We have talked about consultants, and they understand how the application works. They understand how to marry these applications to the business. We have talked about change requests; we have got engineers who can, in the background, do the coding, the additional fields and things like that. They can go away and do the behind the scenes stuff to make the application more customer specific, if that is what is needed. We have changed a lot in nearly seven years, from doing everything, to being more focussed on the particular tasks that are presented to us as a team.

ST
Fantastic. That is great. Superb! Thanks for that Rob. That was a whistle stop tour of PS, but it has been fascinating, really interesting to get that insight!

RC
It is an insight that maybe many people don’t get, even internally, maybe don’t get to see, and get to understand. We aren’t the IT people who sit in darkened rooms, and don’t talk to people. We are the opposite of that, we want to be talking to people and we want to be engaging with people. It is different to, perhaps, the traditional view of IT people.

ST
Yes, absolutely. I totally agree. It shows the importance of the role that PS plays in the wider context of the business. That was fantastic, and I appreciate your time today. Thanks for joining us!

RC
Not a problem. Thanks very much for having me.

This discussion is also available as a podcast. Listen here.

This podcast and previous episodes in the series can also be found on Spotify.

Esker UK

Unlocking Positive-Sum Growth with AI-Driven Business Solutions for P2P & O2C Cycles

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In the ever-changing landscape of business, characterised by disruptions like supply chain challenges, inflation, and economic uncertainty, finance leaders find themselves grappling with a daunting reality. What keeps them awake at night are not transitory obstacles, but a “new normal” that demands adaptability and innovative strategies.

In the face of these trials, one fundamental human trait comes to the forefront: hope. This isn’t just wishful thinking; it’s a beacon that guides us toward a better future, however faint that vision may be. Hope acts as a catalyst, motivating us to set goals and chart a path towards progress. As we implement these goals step by step, we witness small successes that fuel our determination and spur us to establish new milestones.

Doing Nothing is Not An Option

The Cost of Inaction:
The consequences of maintaining the status quo are stark. When Finance teams cling to traditional practices, a sequence of adverse outcomes unfolds: difficulties in collections, heightened credit risks, talent attrition, and mounting customer frustration. Collectively, these factors lead to dwindling profit margins. To flourish amidst these challenges, proactive measures, strategic shifts, and an embrace of change are essential.

Navigating the New Normal:
Adapting to the “new normal” necessitates a multi-faceted approach. A key aspect is optimising operations to curtail and mitigate credit risk. This entails streamlining the invoice-to-cash (I2C) process and establishing robust collections mechanisms. Notably, involving various departments such as Sales, Finance, and Logistics amplifies the impact. Faced with market indicators, businesses are turning to automation solutions that enhance credit risk assessment and cash collections processes. The push for these solutions, which bridge the gap between internal silos (such as multiple ERPs and CRMs) and external connections (AP/customers and regulatory portals), is evident.

Addressing Labour Market Challenges:
In the current labour landscape, securing qualified talent for roles laden with repetitive, manual tasks is a growing struggle. Read on for five pivotal tips aimed at empowering AR managers to evaluate their firm’s cash collections process and prepare for impending uncertainties.

Adapting to the New Normal: 5 Tips to Light Up Your AR Process

1. Reinforce Your Credit Risk Management:
A recent European Payment report underscores that late payments hinder growth for 41% of businesses interviewed, while 26% state that late payments imperil their very survival. Continuously assessing customer credit risk empowers dynamic adjustments to the collections process and informs broader business decisions. This entails simplifying customer onboarding processes and staying attuned to risk statuses via alerts and regular assessments.

2. Be Pragmatic with Payment Collection:
With global analyses revealing that 43% of invoices are paid late, and 7% of invoice balances are entirely written off, a pragmatic approach to collections is imperative. Aligning strategies with fact-based, measured figures enables flexibility in response to shifting customer circumstances or receivables situations. Key factors include monitoring customer credit risk status, payment behaviours, and the adaptability of collections procedures.

3. Connect Your AR Team to the Business Environment:
Prioritising consistent cash flow requires a cross-departmental collaboration that demands the right infrastructure. Ensuring alignment necessitates connecting all information flows—from internal teams involved in the I2C process to external stakeholders such as credit bureaus, insurers, and the broader business ecosystem. This fosters seamless collaboration and enhances internal visibility.

4. Pay Attention to Details: Small Things Matter:
While small discrepancies might seem trivial, their cumulative impact can be substantial. Recognising that habits can take root, it’s crucial to proactively address minor issues, particularly in the context of market volatility and inflation. This includes tracking invalid deductions, carefully managing small receivables amounts, and observing payment trends.

5. Keep Your Staff Happy:
Undoubtedly, employees are a company’s most valuable asset. To foster employee satisfaction and retention, provide tools that optimise visibility, efficiency, and morale. By removing disorganisation and monotonous tasks, businesses can better attract and retain talent, fostering a positive feedback loop that reduces turnover and underscores the company’s core mission.

Hope for a Resilient Future

As the world shifts into the digital age, it’s clear that antiquated methods—like relying on spreadsheets and phone calls—are inadequate. Just as we’ve left behind hourglasses in favour of digital timekeeping, embracing modern tools is paramount for efficient cash collections. Strategic investments in digital infrastructure, particularly AI-boosted I2C automation solutions, enable businesses to navigate evolving landscapes with agility. In a landscape of uncertainty, it’s those willing to innovate, adapt, and invest in the right tools who will thrive. So, despite the challenges that lie ahead, embracing hope and implementing solid steps will help illuminate the path toward a resilient future.

Esker’s Accounts Receivable solution suite is ideal for AR leaders wanting to accelerate cash collection and revenue recognition. Powered by Esker Synergy AI, it can be easily scaled to optimise and connect each step of the invoice-to-cash (I2C) process — improving overall efficiency, visibility and collaboration. The result is not only reduced DSO, but an enhanced experience for every user.
Contact us today and request a demo!

Claire Barker

As Marketing Specialist for Esker UK, Claire is responsible for generating leads for Esker's business process solutions specifically within the area of Accounts Receivable through a variety of marketing channels. She has been part of the Esker family since 2019.

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