4 minute read 14 Jun 2024
Credit-to-Cash (C2C) transformation through cloud solutions

Why cloud solutions are key to credit-to-cash (C2C) transformation

By EY India

Multidisciplinary professional services organization

4 minute read 14 Jun 2024

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  • The role of cloud solutions for Credit-to-Cash (C2C) transformation

Revolutionize C2C with cloud technology for financial agility and seamless integration.

In brief

  • Rising capital costs require effective liquidity management, with businesses needing clear cash flows visibility to manage working capital efficiently.
  • Implementing cloud-based Credit-to-Cash (C2C) solutions is becoming a key strategy to address inefficiencies and improve cash flow management.
  • Incorporating cloud-based SaaS solutions for C2C transformation enhances operational efficiency, scalability and collaboration.

Effective liquidity management has rarely been as important as it is now. In today's economic environment of rising costs of capital, businesses face expensive financing options for strategic transformations. Additionally, scattered working capital data outside core ERP systems prevent leaders from clearly seeing cash release opportunities. To tackle these challenges, businesses need clear visibility into their future cash flows for efficient working capital management.

Revolutionizing Credit-to-Cash with cloud solutions for operational efficiency 

Credit-to-Cash (C2C) transformation enabled by cloud solutions offers a powerful solution to address inefficiencies and enhance incoming cash flow management. Organizations are increasingly turning to purpose-built cloud solutions for operational efficiency for optimizing the C2C process. These solutions empower organizations to strategically channel their efforts towards areas that yield maximum returns, greater efficiency, accuracy, and improved customer experiences. Importantly, leading SaaS tools complement traditional ERP systems, delivering rapid deployment, cost-effectiveness, real-time data synchronization and heightened collaboration capabilities.

Cloud solutions for operational efficiency in C2C

The adoption of cloud technologies for C2C transformation is becoming a cornerstone for businesses aiming to enhance their financial agility. These solutions provide the necessary framework for seamless integration and automation, transforming traditional C2C sub-processes into streamlined, efficient operations. By leveraging SaaS solutions for financial transformation, organizations can ensure compatibility between cloud tools and existing ERP systems, fostering a more cohesive and effective financial ecosystem.

Key advantages of SaaS solutions in C2C transformation 

The integration of leading SaaS solutions with ERP systems offers a multitude of benefits that enhance the Credit-to-Cash transformation process. Here are some key advantages:

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Scalability and future-proofing with cloud services SaaS solutions 

provide faster deployment, pay-as-you-go pricing, and scalable infrastructure on demand. Organizations can easily accommodate future requirements and expand resources without dealing with the complexities of managing infrastructure or software maintenance. These solutions continually evolve to meet market demands and changing process requirements, ensuring they remain sustainable and adaptable over time.

Enhanced accessibility and collaboration through cloud platforms

Being cloud-based, SaaS solutions allow users to access the system from anywhere with an internet connection. This accessibility enhances collaboration among team members across different locations, enabling real-time updates and visibility into the C2C process. It also facilitates communication with customers, improving customer service and overall satisfaction.

Seamless integration capabilities for comprehensive C2C systems 

SaaS solutions offer extensive integration capabilities with leading ERPs and third-party systems through APIs, pre-built connectors, real-time data exchange, bi-directional data flow, and workflow integrations. These features enable seamless connectivity between the cloud solution and other systems, such as ERPs, banks, credit rating agencies (CRAs), customer relationship management (CRM) tools, and trade promotion management (TPM) tools. This integration ensures timely data replication, seamless process automation, and a unified user experience.

Lower total cost of ownership and enhanced financial health 

SaaS solutions provide portals and agency integrations, AI/ML-based predictive capabilities, and RPA-based automation, which help realize faster time to value, full-time equivalent (FTE) savings, increased controls, and lower maintenance expenses. The pricing model allows organizations to pay only for what they use, while the service provider manages infrastructure, updates and support, resulting in significant cost savings.

Standardization in credit management with SaaS tools

SaaS solutions often come with predefined workflows that guide users through each step of the process. This ensures standardization and consistency, minimizing process variations and leading to higher efficiencies and compliance.

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How EY and HighRadius alliance is empowering companies to achieve C2C Excellence

Cloud-based solutions, like those offered by HighRadius exemplify the benefits of this technological shift. By improving financial performance through reducing Days Sales Outstanding (DSO) and minimizing bad debt via enhanced indicators such as higher rates of automated cash posting and quicker dispute resolution optimization, these tools showcase the transformative potential of cloud technologies in the C2C cycle. This innovation in credit-to-cash cycles not only boosts operational efficiency but also significantly improves overall financial health.

EY led a multi-geography C2C process transformation for one of the world’s largest technology companies by automating the entire C2C cycle with HighRadius implementation. EY’s strategic interventions bridged design gaps and streamlined processes, thereby ensuring that the client derives the true full benefit from the technology investment.

EY led a transformation initiative to optimize and standardize the C2C process for a prominent global health and nutrition company. EY revisited the service delivery assurance work stream, ensuring that the solution design meets business expectations, and that deployment is compliant with the design, whilst ensuring business outcomes are always in sight.

The article is authored by Rishabh Jain, Partner, Business Consulting, EY India. Maria Sagesse, EY Global and EMEIA Global Business Services (GBS) Solution Leader, along with Avinash Vishnu and Himanshu Hingorani, Directors in Business Consulting at EY India, contributed to this article.

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It is critical for organizations to consider several prerequisites before embarking on a C2C transformation journey, including process optimization, digital transformation and business process management. Harmonization, standardization, and centralization of processes, along with data readiness and a thorough evaluation of the existing technology infrastructure, are essential for a smooth transition. Moreover, ensuring organizational agility, and change management capabilities are in place is paramount to maximize the value derived from SaaS-based transformation and cloud computing implementation.

About this article

By EY India

Multidisciplinary professional services organization