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eBilling: Keeping Up with Customer Expectations

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Increasingly, companies are realizing that people accustomed to easy accessibility of information expect convenience in their business relationships as well. Surveys indicate that over 50% of …

Increasingly, companies are realizing that people accustomed to easy accessibility of information expect convenience in their business relationships as well. Surveys indicate that over 50% of customers prefer eBilling (EIPP - Electronic Invoice Presentment and Payment) for lower costs in processing and convenience of accessing invoice information online, streamlining processes, and receiving customized billing statements. Yet Accounts Receivable is such a critical process for any company that many are reluctant to effect such changes for fear of undue disruptions, even as they struggle with legacy systems, manual processes, high error rates, lengthy payment cycles, and deep customer and vendor dissatisfaction

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  • 1. F I N A N C E A N D A C C O U N T I N G eBilling:KeepingUpwith CustomerExpectations Increasingly, companies are realizing that people accustomed to easy accessibility of information expect convenience in their business relationships as well. Surveys indicate that over 50% of customers prefer eBilling (EIPP - Electronic Invoice Presentment and Payment) for lower costs in processing and convenience of accessing invoice information online, streamlining processes, and receiving customized billing statements. Yet Accounts Receivable is such a critical process for any company that many are reluctant to effect such changes for fear of undue disruptions, even as they struggle with legacy systems, manual processes, high error rates, lengthy payment cycles, and deep customer and vendor dissatisfaction. Theexecutionchallenge This is the internet age, when instant access to information has become the norm. Increasingly, companies are finding that people accustomed to accessing information from anywhere expect such convenience in their business relationships as well. Surveys indicate that over 50% of customers prefer eBilling (EIPP - Electronic Invoice Presentment and Payment) for the lower costs in processing and the convenience of accessing invoice information online, streamlining processes, and receiving customized billing statements. Yet Accounts Receivable is such a critical process for any company that many are reluctant to effect such changes for fear of undue disruptions, even as they struggle with legacy systems, manual processes, high error rates, lengthy payment cycles, and deep customer and vendor dissatisfaction. Electronic invoicing, by reducing manual touch points, providing ready access to data, and automating the cycle end to end, can entirely eliminate the problem of incompatible data formats, complex and confusing invoicing, and resolve customer issues without time-consuming and expensive phone calls. In this electronic age of instant communication, eBilling is an idea whose time really has come. Painvs.gain For large companies, financial processes generally have been built over many years, and often vary from location to location. They often depend on software that came with acquisitions or has become so entwined in the process that it seems a hopeless task to upgrade it. The entire system tends to be inefficient,
  • 2. manual, and costly in time and labor. Managers have little insight into the process enterprise-wide, while delays and disputes impact cash flow and seriously degrade relationships with angry customers and vendors. Some 30% of all invoices generated by manual processes end up in disputes. Problems that could easily be solved with ready access to invoice information instead become a lengthy process of re-issues, re-approvals, and customer service calls. Add in the ever-rising cost of printing and mailing hard-copy invoices, and the billing cycle becomes an increasing drag on revenues. Genpact eBilling is a technology-based solution proven to reduce operational costs by 25-45% and improve cash flow by 20-30%. Deployable in less than 6 weeks, it streamlines the billing, dispute, and payment functions through an internet- based, self-service environment. Our solution, proven in multiple engagements across a wide range of industries, fosters enduring customer relationships by removing the bottlenecks in the billing process and delivering customized, real-time invoices in multiple formats, and making the process transparent from end to end. Lowercosts,fasterpayments Genpact eBilling is a key component of Genpact’s Order to Cash (OTC) solution, driving significant improvements across the billing, collections, and cash management processes. Delivered either on-premise or via cloud-based SaaS models as the client requires, the solution is scalable to suit the needs of all business types over time and can be deployed globally to standardize operations across the company’s entire footprint. Capable of receiving and standardizing input in a variety of formats, Genpact eBilling solves the problem of multiple legacy systems while automating the billing process to: • Reduce costs • Speed payments • Standardize processes • Reduce errors and disputes • Facilitate reconciliation • Reduce revenue leakage Customized invoices meet enterprise- or industry-specific requirements, while our web-based self-service tools speed resolution of disputes and greatly enhance customer satisfaction. Empoweringrelationships “Snail mail” and hard copies are no longer the keys to solid billing processes. With each “touch” during manual billing, the chance of error increases and time is added to the cycle, delaying payment and affecting cash flow. At the same time, customer service representatives attempting to answer questions from unhappy customers usually do not have access to the paper invoices, lengthening the resolution process and risking revenue impact through loss of customer loyalty and goodwill. Genpact eBilling overcomes these issues by: • Capturing data from multiple billing sources, in multiple data formats, consolidating it, and creating a single view and delivery point • Delivering bills electronically in multiple formats and eliminating hard copies while ensuring archival access • Integrating workflows for both the biller and the payer • Creating a fully collaborative dispute resolution environment • Enabling line item functionality for dispute resolution and cash application Customers can review and organize their bills in a wide variety of output formats, configure auto-payment and reconciliation processes, and take advantage of the system’s support for online payments through multiple payment methods: credit card, ACH, etc. Average Transaction Cost, B2B ($) -60% 5 2 17 10 55 27 -51% -42% Sending Bills Traditional Web-billing and self service Call Elimination Disputes
  • 3. Genpact eBilling has been deployed over the past 10 years in some of the largest corporations in the world, and they are using it to fundamentally change the way they interact with their customers. Our solution turns receivables management into a customer-driven, electronic collaboration that deepens customer loyalty while often halving operating and CRM costs. Self-service portals allow vendors and customers instant access to invoice data and provide many tools for answering their own questions and resolving issues, reducing the number of customer service calls and increasing customer satisfaction. Flexibletosuityourbusinessneeds Genpact eBilling is suitable for companies at all stages of their development, growing with you as your business expands. Implementation can take as little as six weeks, and most companies observe a positive ROI within a year. The solution is backed by adoption, implementation, and support and maintenance services that provide end-to-end transition management and post-deployment support. Flexible solutions include: • Express: SaaS-based, 6-8 week deployment • Professional: SaaS-based, 4-6 month deployment • Enterprise: SaaS/On premise, 6-12 month deployment Oursolutionsgetresults Genpact eBilling is a best-of-breed solution offering both robust out-of-the-box capability and full customization. Clients who have deployed it include a global leasing company that experienced. • 20% reduction in operating costs • 35% reduction in call center volume • 25% reduction invoice volume • 20-day reduction in payment cycle for customers using self- service • Increased customer satisfaction • Improved ability to meet compliance requirements (SOX) Increasingly tech-savvy customers demand more sophisticated systems for obtaining information. Genpact eBilling helps companies satisfy a new generation of customers and significantly increase efficiency and effectiveness in their financial operations all at the same time. Both biller and payer will benefit from the flexibility, cost savings, and comprehensive approach to invoice management offered by Genpact eBilling.
  • 4. About Genpact Genpact is a global leader in business process and technology management services, leveraging the power of smarter processes, analytics and technology to help its clients drive intelligence across the enterprise. Genpact provides a portfolio of process-driven services strengthened by its industry vertical domain expertise, analytical insights, and intelligent technology solutions for better business outcomes. www.genpact.com © 2012 Copyright Genpact. All Rights Reserved. For More Information, Contact: Tanya Johnson, Vice President, Genpact Order-To-Cash Products and Solutions +1 650 641 1209 tanya.johnson1@genpact.com John Kern, Associate Vice President, Genpact Order-To-Cash Products and Solutions +1 317 332 2107 john.kern@genpact.com eipp.solution@genpact.com Visit us at http://www.genpact.com/home/ solutions/finance-accounting/order-to-cash/ebilling