Fintech PR
Frost & Sullivan: It Has Become Critical for B2B Businesses to Adopt Automated A/R Collection Solutions
An advantage in securing cash flow is the difference between ensuring business growth and a gradual decline in market share. B2B businesses are using Automated A/R Collection Solutions to gain this very advantage and navigate the risks of today’s market.
An Automated A/R Collection Solution engages clients in order to collect their overdue invoices. Imagine having an intelligent and automatic tool that reminds your customers to pay, that can deal with high invoice volumes, and that makes it a priority to strengthen your relationship with your customers.
Today, this solution is critical because of the economic reality created by the international pandemic and because we are now entering into an automated era in financial management that has gained exponential traction across industries. Companies providing this solution such as Gaviti are creating true resilience for their customers.
Atradius, a leading credit risk firm, states in its latest U.S. payment practices report that “U.S. firms show a business environment strained by cash flow and liquidity issues”, as well as “a significant deterioration of B2B customer credit risk with a staggering 72% year-over-year increase in invoice payment defaults.” Furthermore “suppliers polled reported that 43% of the total value of B2B credit sales is overdue. This rise is in large part attributable to an increase in the amount of long overdue invoices (still unpaid after 90 days past their due date), the total value of which rose to 16%, up from 10% one year ago.” In addition, firms surveyed report “a fourfold increase in the total value of write-offs of uncollectable receivables, rising to 4% from 1% last year.” Concurrently, there is a “year-over-year 32% increase in businesses stating they needed to delay payment to their suppliers due to late payments from their customers” and a “41% increase in respondents who said their B2B customers use outstanding invoices as a form of short-term finance.”
All of these factors have increased day sales outstanding or DSO by a number of weeks and it has become clear that companies are sacrificing investment in their own growth and instead using their capital to make up for cash flow that is not coming in on time from customers or not coming in at all.
There is a great call to remedy this issue. Andreessen Horowitz, one of the most well-known VC firms in Silicon Valley, released an article stating that “in the current economic crisis, businesses have been forced to make difficult decisions around resource allocation and cash flow planning. Now, as fintech and enterprise entrepreneurs team up to tackle these long-standing pain points, software innovation is finally reaching the finance suite.”
Andreessen Horowitz contends that “Data is stale, limited, and hard to access. An enterprise resource planning (ERP) system, the central repository for financial data, is primarily designed around accounting. As a result, it only gives finance teams a backward-facing view, typically two or more weeks after the month’s end. With that lag, the CFO often has difficulty assessing cash burn, revenue, or expenses in real-time. It goes without saying that, particularly now, most companies can’t afford to wait six weeks to figure out when they are going to run out of cash.”
Due to their ability to answer this call, automated A/R collection solutions such as Gaviti have exponentially increased their customer base and are strengthening SMEs and enterprises leveraging their solution. Due to their holistic and sophisticated approach, Gaviti is an exemplar of the type of partner that can successfully propel B2B companies into this new era. Their solution offers a crisp and clear picture of all receivables so that businesses can stay efficient and resilient into the future. They are backed by a strong engine that takes advantage of the enormous amounts of proven collections workflows that are constantly being tested and improved so that you do not need to try what methods work best to get paid. Collections methods are efficient and automatic from day one.
This type of sophistication, transparency, and automation is what allows companies to stop dealing with monotonous collections procedures and to evolve to the next level. The corporate finance team at the TWE Group shared that “The automated workflow has reduced our workload and made our communications with our customers more consistent. Even in the midst of the worldwide pandemic, our collections and aging have improved.” In 6 months, the Burwood Group was able to reduce its receivables at risk or RAR by 77% and the number of overdue invoices by 60% – a huge accomplishment in a very short time. We consistently see DSO falling significantly for the Gaviti customer base.
Frost & Sullivan is witnessing strong adoption of Automated A/R Collections Solutions across a huge variety of B2B industries from manufacturing and logistics to consulting and accounting and all the way through to technology companies. Adoption leads these businesses to get paid way earlier than they would otherwise, which creates a stronger more stable business that can invest in itself and that will be able to withstand the challenges and risks of tomorrow. Frost & Sullivan believes that the adoption of Automated A/R Collection Solutions is an essential component in managing receivables and ensuring stability.
Frost & Sullivan is a global strategic and financial consulting firm. Over the past six decades, Frost & Sullivan has become world-renowned for its role in helping corporate leaders, investors, and governments navigate economic changes and identify disruptive technologies and new business models resulting in a continuous flow of growth opportunities to drive future success. Today, more than ever before, companies must innovate, not only to survive, but thrive in the future. We provide service to 10,000+ clients worldwide, including emerging companies, SME, the Global 1000 and the investment community.
Fintech PR
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB
President Mnangagwa, who is SADC Chairperson, reaffirmed his own country’s and SADC’s enthusiastic support for Zambian candidate Sam Maimbo
LUSAKA, Zambia, Dec. 20, 2024 /PRNewswire/ — Special Envoy Kavindele released the following statement following the meeting:
“I am elated to witness the growing success and momentum of Sam Maimbo’s candidacy to become the next President of the African Development Bank. I am filled with gratitude to our friends across both SADC and COMESA for their continued support and good wishes.
Sam has garnered such wide consensus due to his being uniquely qualified to deliver the transformative change and empowerment our continent needs. Sam’s 30 years in development work is defined by driving outcomes, improving processes, and investing in people. The AfDB needs a hands-on leader who is laser focused on delivering results and who is unafraid of making tough decisions in order to best serve our continent. Sam is that leader. Sam has the track record and experience to drastically enhance the pace, scale, and impact of the Bank’s work in service of the people and governments of Africa.
Our region has a proud history of supporting fellow Southern Africans. For example, we all recall Lusaka’s role in hosting the African National Congress’ headquarters during the dark days of Apartheid oppression.
It therefore gives me no pleasure to observe my South African brothers, who have themselves leant on Zambia’s steadfast friendship over many decades, fail to rally behind both SADC and COMESA’s chosen candidate for the AfDB. Africa’s urgent economic development challenges demand transformational leadership at the AfDB, it is all of our responsibility to put forward the best candidate for the job. This is not the time or place for a government to act with narrow self-interest, we all must act in the continent’s and AfDB’s best interest.
I thank Sam Maimbo for his lifelong service to our entire continent, and I am eager to witness his enormous impact as President of the AfDB.”
LONDON, Dec. 20, 2024 /PRNewswire/ — Heimdal Security shares a practical holiday cybersecurity checklist, offering expert insights to help businesses safeguard against cyber threats this festive season.
With reduced staffing, remote work setups, and a surge in online shopping creating heightened vulnerabilities, this guide offers actionable tips to enhance business security.
Going beyond basic advice, the checklist also highlights the most common holiday scams and features videos showcasing real-life examples of Christmas-themed cyber scams and effective prevention strategies.
Key Tips to Protect Businesses This Holiday Season:
- Strengthen endpoints: Ensure devices are updated with antivirus and endpoint protection software; consider Endpoint Detection and Response (EDR) and application whitelisting.
- Prepare for phishing spikes: Train staff to identify suspicious emails, enforce robust email filters, and establish protocols for reporting unusual activity.
- Secure remote access: Mandate VPN usage, monitor unusual logins, and deactivate inactive accounts temporarily.
- Segment and shield networks: Isolate sensitive areas, deploy DNS security and advanced firewalls, and maintain full visibility over network traffic.
- Apply timely patches: Regularly update all systems and test patches in a controlled environment to minimize disruptions.
- Mitigate supply chain risks: Assess vendors thoroughly and limit their access to essential systems.
- Have a response plan ready: Tailor incident protocols for the holidays, create an on-call rotation for the IT team, and enable rapid action against suspicious activity.
“ Cybercriminals thrive on holiday distractions, but with proactive measures like phishing training, secure endpoints, and network segmentation, businesses can stay ahead of potential threats,” said Alex Panait, System Administrator at Heimdal Security.
Common Holiday Scams That Businesses Should Watch For:
Cybercriminals often tailor their tactics to exploit the festive season. The most common scams include:
- Spear phishing: Emails disguised as holiday bonuses or event invitations that steal credentials or spread malware.
- Malicious holiday E-Cards: Festive greetings that contain links deploying ransomware or spyware.
- Fake E-Commerce sites: Fraudulent websites offering discounts to steal payment information.
- Insider threats: Distracted or disgruntled employees mishandling or exploiting sensitive data.
- Corporate travel scams: Fake booking platforms targeting business travelers.
- Business email compromise (BEC): Fraudulent requests for urgent wire transfers during year-end financial rushes.
For more, read the full article here or watch the video on YouTube to see how these threats unfold and learn actionable prevention strategies.
About Heimdal:
Established in Copenhagen in 2014, Heimdal® empowers CISOs, security teams, and IT administrators to improve their security operations, reduce alert fatigue, and implement proactive measures through a unified command and control platform.
Heimdal’s award-winning cybersecurity solutions span the entire IT estate, addressing challenges from endpoint to network levels, including vulnerability management, privileged access, Zero Trust implementation, and ransomware prevention.
For further press information:
Madalina Popovici
Media Relations Manager
[email protected]
View original content:https://www.prnewswire.co.uk/news-releases/stay-cyber-safe-this-holiday-season-heimdals-checklist-for-business-security-302337465.html
Fintech PR
According to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
The people who have the most problems are women (30%) and are between 35 and 49 years old (39%)
ROME, Dec. 20, 2024 /PRNewswire/ — The purchasing power in the UK has dropped by 41% over the last 20 years. Today, £100,000 left in a bank account since 2004 without being invested would now be worth £59,021.
This figure is one of the findings from a study conducted by Tickmill, an international online trading broker that compared the economic situation in the UK and the European Union through the infographic “Purchasing Power and Cost of Living: UK vs EU”.
The analysis reveals a slight decline of 0.4% in the UK’s purchasing power, which currently stands at £41,573. In contrast, the European Union has seen a modest rise of 0.1%, reaching £40,874.
Why is purchasing power declining in the UK? One key factor is the cost of living. If the UK were still part of the European Union, it would rank as the fifth most expensive country, behind Ireland, Luxembourg, Denmark, and the Netherlands.
Unsurprisingly, 3 in 10 Britons are struggling with the cost of living. Women (3 in 10, compared to 25% of men), those aged between 35 and 49 (4 in 10), households earning less than £15,000 (6 in 10), and single parents (1 in 2) are among the most affected groups.
Among UK nations, Northern Ireland is the hardest hit, with 34% of its population facing financial difficulties, followed by Wales (31%), England (28%), and Scotland (22%). In England, the North East has the highest percentage of people struggling, with 4 in 10 residents affected. Even in London, the high costs impact 1 in 4 adults.
In response to these challenges, Britons are making significant adjustments:
- 53% have cut back or delayed spending on smaller items like eating out, entertainment, subscriptions, clothing, toys, books, etc.;
- 52% have reduced household energy consumption;
- 48% have decreased their grocery spending;
- 41% have scaled back or postponed major expenditures, such as holidays, cars, and weddings;
- 26% are working longer hours, taking on overtime, or pursuing additional jobs to earn extra income.
The British also made changes on the financial side. One in four adults has been forced to dip into their savings or investments to cover daily expenses. Moreover, 44% have stopped saving or investing entirely or have reduced their savings and investments—a 4% increase compared to 2023.
The lack of investment is another critical factor contributing to the decline in purchasing power. It is estimated that 13 million UK residents hold £430 billion in cash deposits but do not invest. The reasons? Seventy-four percent say they cannot compare investment products effectively, and 43% are afraid of losing their money.
A lack of knowledge and fear are preventing many savers from taking advantage of an important opportunity: preserving or increasing their purchasing power in the long term.
Photo: https://mma.prnewswire.com/media/2586123/Tickmill.jpg
Logo: https://mma.prnewswire.com/media/2586129/Tickmill_Logo.jpg
View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/according-to-tickmill-survey-3-in-10-britons-in-economic-difficulty-purchasing-power-down-41-since-2004-302337354.html
-
Fintech6 days agoFintech Pulse: Your Daily Industry Brief (Synapse, Shenzhen Institute, Visa, AutomatIQ, MeridianLink)
-
Fintech5 days agoFintech Pulse: Your Daily Industry Brief (Revolut, Bestow, Advyzon, Tyme Group, Nubank)
-
Fintech3 days agoFintech Pulse: Your Daily Industry Brief (Chime, ZBD, MiCA)
-
Fintech5 days agoAsian Financial Forum returns as region’s first major international financial assembly in 2025
-
Fintech6 days agoNASDAQ-Listed LYTUS Appoints Visionary Leader Sai Guna Ranjan Puranam as COO (Lytus Healthcare) and Group CTO (Lytus Technologies) to Revolutionize Healthcare and Technology
-
Fintech PR2 days agoAccording to Tickmill survey, 3 in 10 Britons in economic difficulty: Purchasing power down 41% since 2004
-
Fintech3 days agoAirtm Enhances Its Board of Directors with Two Strategic Appointments
-
Fintech PR2 days ago
President Emmerson Mnangagwa met this week with Zambia’s former Vice President and Special Envoy Enoch Kavindele to discuss SADC’s candidate for the AfDB