Fintech PR

Frost & Sullivan: It Has Become Critical for B2B Businesses to Adopt Automated A/R Collection Solutions

Published

4 years ago

October 26, 2020

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.

Related Topics:Automated B2B It Has Become latest-news

Up Next

Raffles Financial Announces Strategic Cooperation with Shanghai Lingang Free Trade Zone Technology Hub

Don't Miss

Lions Bay Capital Inc. Announces Shares for Debt Transaction

Click to comment

Fintech PR

Alkira Ranked 25th Fastest-Growing Company in North America and 6th in the Bay Area on the 2024 Deloitte Technology Fast 500™

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500™

Alkira attributes its 7,194% revenue growth to consistent innovation, enabling enterprises to overcome mounting network complexity in the cloud and AI era

SAN JOSE, Calif., Nov. 22, 2024 /PRNewswire/ — Alkira® Inc., the leader in Network Infrastructure as a Service, today announced that it ranked as the 6th fastest-growing technology company in the Bay Area and the 25th fastest-growing company in North America on the Deloitte Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies in North America. Now in its 30th year, the list recognized Alkira for achieving a growth rate of 7,194% during this period.

“Being recognized as one of North America’s fastest-growing companies by Deloitte is a tremendous honor. This achievement reflects Alkira’s unwavering commitment to equipping frontline networking teams with solutions that dramatically simplify enterprise networking amidst escalating complexity,” said Amir Khan, CEO at Alkira. “Today’s enterprises are racing to support cloud, AI and machine learning workloads, but their existing networks weren’t built for this dynamic environment. Alkira’s network infrastructure as-a-service platform enables organizations to connect any cloud, on-premise location, and remote user with a unified, secure, and highly scalable network fabric that reduces deployment times from months to minutes.”

“For 30 years we’ve been celebrating companies that are actively driving innovation. The software industry continues to be a beacon of growth, and the fintech industry made a strong showing on this year’s list, surpassing life sciences for the first time,” said Steve Fineberg, vice chair, U.S. technology sector leader, Deloitte. “Significantly, we also saw a breakthrough in performance of private companies, with the highest number of private companies named to the list in our program’s history. This year’s winners have shown they have the vision and expertise to continue to perform at a high level, and that deserves to be celebrated.”

“Innovation, transformation and disruption of the status quo are at the forefront for this year’s Technology Fast 500 list, and there’s no better way to celebrate 30 years of program history,” said Christie Simons, partner, Deloitte & Touche LLP and industry leader for technology, media and telecommunications within Deloitte’s Audit & Assurance practice. “This year’s winning companies have demonstrated a continuous commitment to growth and remarkable consistency in driving forward progress. We extend our congratulations to all of this year’s winners — it’s an incredible time for innovation.”

Overall, 2024 Technology Fast 500 companies achieved revenue growth ranging from 201% to 186,373% over the three-year time frame, with an average growth rate of 2,097% and median growth rate of 458%.

Now in its 30^th year, the Deloitte Technology Fast 500 provides a ranking of the fastest-growing technology, media, telecommunications, life sciences, fintech, and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2020 to 2023.

In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least US$50,000, and current-year operating revenues of at least US$5 million. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.

About Alkira
Alkira is the leader in Network Infrastructure on Demand. We unify any environments, sites, and users via an enterprise network built entirely in the cloud. The network is managed using the same controls, policies, and security systems network administrators know, is available as a service, and can instantly scale as needed. There is no new hardware to deploy, software to download, or architecture to learn. Alkira’s solution is trusted by Fortune 100 enterprises, leading system integrators, and global managed service providers. Learn more at alkira.com and follow us @alkiranet.

About Deloitte
Deloitte provides industry-leading audit, consulting, tax and advisory services to many of the world’s most admired brands, including nearly 90% of the Fortune 500® and more than 8,500 U.S.-based private companies. At Deloitte, we strive to live our purpose of making an impact that matters by creating trust and confidence in a more equitable society. We leverage our unique blend of business acumen, command of technology, and strategic technology alliances to advise our clients across industries as they build their future. Deloitte is proud to be part of the largest global professional services network serving our clients in the markets that are most important to them. Bringing more than 175 years of service, our network of member firms spans more than 150 countries and territories. Learn how Deloitte’s approximately 460,000 people worldwide connect for impact at www.deloitte.com.

Media Contact:
Jelena Dopudj, Sr. Communications Manager, Alkira Marketing
[email protected]

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.

Logo – https://mma.prnewswire.com/media/1743646/Alkira_Logo.jpg

View original content:https://www.prnewswire.co.uk/news-releases/alkira-ranked-25th-fastest-growing-company-in-north-america-and-6th-in-the-bay-area-on-the-2024-deloitte-technology-fast-500-302313919.html

Fintech PR

EliTe Solar: Realizing Our Mission and Standing by Our Core Values

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

elite-solar:-realizing-our-mission-and-standing-by-our-core-values

Written by Arndt Lutz, CEO of EliTe Solar

SINGAPORE, Nov. 22, 2024 /PRNewswire/ — EliTe Solar is dedicated to advancing technology with a strong focus on quality, sustainability, and meaningful partnerships. For nearly two decades, EliTe Solar has led the solar industry by adapting to changing market demands and setting standards in customer service and quality as evidenced by third party reviews. The company’s comprehensive strategy starts with ingots and wafers to cells and modules, supported by a global supply chain. This vertical integration underscores EliTe Solar’s commitment to excellence.

EliTe Solar’s core principles of honesty and transparency drives the company’s growth and actions. By upholding these values, EliTe Solar consistently goes above and beyond for their clients. Open communication is central to their work, fostering trust and loyalty. EliTe Solar ensures their clients are informed every step of the way—from production to customs clearance, and final delivery.

EliTe Solar offers a diverse range of products tailored to different needs. The company’s goal is to optimize module performance and achieve a low Levelized Cost of Electricity (LCOE), delivering lasting value for customers while minimizing costs and environmental impact. This approach supports their partners’ energy goals and contributes to a broader sustainability mission.

EliTe Solar’s supply chain is meticulously designed to meet high standards and market demands. The company sources all materials outside China to ensure traceability from raw material to final product. With ingot and wafer production in Vietnam, cell and module production in Indonesia, and manufacturing in Egypt and soon, the U.S., EliTe Solar maintains compliance and uphold supply chain integrity.

EliTe Solar’s project management expertise sets them apart, especially in challenging environments. Currently, the company is transporting one million solar panels to a remote site in Utah with EV trucking from Hight Mobility, working closely with their client and partners to ensure timely delivery and smooth communication. This demonstrates EliTe Solar’s dedication to reliability and strong partnerships.

EliTe Solar prioritizes inland and ocean transportation management, timely customs clearance, and comprehensive post-sales support to deliver reliability and customer satisfaction.

The company’s commitment to sustainability extends beyond eco-friendly energy options. EliTe Solar actively engages with communities to foster positive social impact. For example, the company recently awarded $50K in scholarships with Utah universities to support future solar industry professionals. This investment in education strengthens the sector’s future and contributes to global sustainability.

In the coming months, EliTe Solar is preparing to expand in Egypt and establish solar cell production in the U.S., creating jobs and reinforcing a dependable supply chain. With a track record of reliable service and top-tier solar technology, the company is proud to have supplied over 10 GW of solar modules worldwide, playing a vital role in the shift to sustainable energy. As EliTe Solar continues to grow, the company’s principles of quality, transparency, and sustainability will guide every member, positioning EliTe Solar as a leader in the global solar industry.

Photo – https://mma.prnewswire.com/media/2564402/20241120081639.jpg
Photo – https://mma.prnewswire.com/media/2564403/20241121Linkedin_CEO_newsletter.jpg

View original content:https://www.prnewswire.co.uk/news-releases/elite-solar-realizing-our-mission-and-standing-by-our-core-values-302313902.html

Fintech PR

Africa Exclusive: Bybit Promotes Crypto Education with P2P Security Webinar

Published

1 hour ago

November 22, 2024

CISION (PR Newswire)

africa-exclusive:-bybit-promotes-crypto-education-with-p2p-security-webinar

DUBAI, UAE, Nov. 22, 2024 /PRNewswire/ — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, sets out to raise awareness of P2P security and to equip users with the latest anti-fraud knowledge and tools in a new learn and earn event exclusively for users in Africa. Hosting a P2P security Webinar on Nov. 25, Bybit P2P will also be announcing a prize pool valued at 10,000 USDT for a new Africa-exclusive deposit event.

P2P Security Webinar
On Nov. 25, the live webinar on P2P security will be broadcast in the Bybit Africa Telegram group from 7 to 9PM UTC. Attendees may benefit from a comprehensive session on tips and the latest know-how on asset safety and counterparty risks. The free webinar will cover the following topics:

Fraud detection: users will learn about signs of common scams and steps to verify payment authenticity.
Staying safe with Bybit P2P: users get to discover Bybit’s security tools and the latest features to combat fraudulent attempts.
Trading with confidence: users will gain practical advice and practical tips on how to trade safely.

The floor will be open for a live Q&A session after the sharing by Bybit P2P experts. Ahead of the webinar, attendees are invited to submit questions and the lucky ones will win 10 USDT if their questions are chosen by the speakers.

10,000 USDT Rewards for First-Time Deposits
From Nov. 25 to Dec. 15, 2024, new users who successfully sign up for a Bybit account and complete Identity Verification Level 1 may be eligible to share in a 10,000 USDT prize pool reserved for eligible users in Africa only. Users must sign up for the event and make a deposit via Bybit P2P to qualify and win up to 10 USDT, terms and conditions apply.

“Financial fraud is an age-old challenge and users must stay vigilant as scammers and fraudsters evolve. Bybit is constantly investing in our hardware and software to build the necessary guardrails for our platform. It does not take away the importance of user education, however, and we hope through engagements of this kind, we can help elevate the community on a path of growth,” said Joan Han, Sales and Marketing Director at Bybit.

P2P is an organic part of the crypto economy and helps to promote inclusivity in emerging economies. With Bybit P2P, users of all levels may access the user-friendly peer-to-peer trading platform to trade between themselves at an optimal, agreed-upon price. The service minimizes the need for the middleman, improving cost effectiveness while providing exchange-backed platform security.

Find out more about the event and eligibility at Bybit P2P.

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, please visit Bybit Press
For media inquiries, please contact: [email protected]
For more information, please visit: https://www.bybit.com
For updates, please follow: Bybit’s Communities and Social Media