Cash Culture Pulse 2022, the detrimental impact of spreadsheets on business team’s effectiveness
16 Februar 2022 - 04:42PM
Cash Culture Pulse 2022, the detrimental impact of spreadsheets on
business team’s effectiveness
New global survey finds businesses using spreadsheets for
cash management twice as likely to have high number of overdue
invoices
- 42% of businesses still reliant on spreadsheets reported a
high ratio of late payments
- This figure almost halved to 22% for those using dedicated
software
- 72% of teams that only use spreadsheets to manage payment
delays are unsatisfied
- 79% of respondents say that Artificial Intelligence and
automation will be a strategic priority
Sidetrade, has today revealed the detrimental impact
spreadsheets have on business team’s effectiveness, in “Cash
Culture Pulse” 2022.
Cash Culture Pulse 2022, conducted by
Sidetrade, interviewed international firms across the UK, Europe,
US, Asia and the Middle East to explore ways to improve
efficiencies in the management of unpaid invoices in B2B and the
current cash culture trends.
Key to this new study was a focus on measuring
the direct impact of the use of accounts receivable software in
improving the cash collection results:
- It revealed that 42% of finance teams still heavily reliant on
spreadsheets reported a high ratio of late payments overall
(15%).
- Conversely, this number was almost halved (22%) for finance
teams that use a cash and credit management software.
Nearly ¾ of teams using spreadsheets are
unsatisfied
Cash Culture Pulse 2022 provided insight into
how businesses track customer payments, and measured the
satisfaction and expectations of the teams in charge of this
business area:
- While 87% of finance teams still relying on spreadsheets to
manage accounts receivables - either fully or partially - 72% claim
to be dissatisfied with the process.
- In contrast, 80% of teams that use a dedicated solution to
manage this process are satisfied.
Artificial Intelligence: a strategic priority
for cash & credit management
While 61% of finance departments are not taking
full advantage of new technologies, this trend is expected to
change in the coming years, as 79% of respondents say Artificial
Intelligence and automation will be a strategic priority to
generate cash faster and more efficiently.
In the fallout from the pandemic, cash culture
has been positioned higher on business leaders’ agendas, as
companies look to secure and accelerate cash flow generation and
establish a 360° vision on the whole Order-to-Cash cycle. This
paradigm shift provides seamless collaboration among Finance, Sales
and Support functions and ensures that Finance has the best
technologies available.
Sidetrade’s CFO, Philippe Gangneux,
commented: “It's clear that spreadsheets have an increasing
number of limits and complexities. Now intelligent technologies
support changing methods of delivering enterprise business
capabilities. CFOs have a vested interest in including these
intelligent technologies in their new roles and new challenges, or
risk missing opportunities to optimize value and drive growth. The
modern CFO should now take advantage of AI technology to streamline
financial processes, particularly in cash management, and
receivables.
“Beyond this, there are a whole host of other
ways in which spreadsheets prevent finance leaders from reaching
their potential; they limit an organization’s ability to instill a
cash culture, they don’t provide any intelligent recommendations,
and they cannot promote data centricity and visibility across the
business. The crisis we have been through has revealed the
importance of securing cash flows, and more and more financial
leaders are recognizing the benefit of working with a dedicated
technology for enhanced Order-to-Cash
performance.”
Media
relationsBecca Parlby+44 7824 5055 84 /
bparlby@sidetrade.com
About Cash Culture
Pulse 2022 (see here)Cash Culture Pulse 2022 is a
three-part study, conducted by Sidetrade in the last quarter of
2021, and gives a realistic and uncompromising view of the
characteristics and trends of cash culture.
The quantitative data provided, along
with qualitative information from businesses, offer invaluable
insights for finance departments seeking to secure and accelerate
cash flow.149 businesses across North America, Europe, UK & IE,
Middle East and Asia were surveyed as part of the study.
About Sidetrade
(www.ww.sidetrade.com)
Sidetrade (Euronext
Growth: ALBFR.PA) is a fast-growing international SaaS company
unlocking customer value. Sidetrade’s next-generation AI, nicknamed
Aimie, analyzes huge amounts of B2B customer payment behavior data
to intelligently automate the Order-to-Cash process. Based on
predictive analytics, Aimie delivers actionable recommendations in
real time to enhance retention, up-sell/cross-sell, and cash
collection. Aimie is a real gamechanger in augmented intelligence-
a system whereby individuals and machines work together faster and
smarter, in complementary ways. Sidetrade has a global reach, with
250 talented employees based in Paris, London, Birmingham, Dublin,
Amsterdam, Houston, and Calgary, serving clients in 80 countries.
Over 2,700 businesses of all sizes in a range of industries count
on Sidetrade technology to outperform the competition. Amongst
them: KPMG, Nespresso, Hearst, Expedia, Manpower, Veolia, Inmarsat,
and Bidfood,
For further
information, visit us at www.sidetrade.com and follow us on Twitter
@Sidetrade.
In the event of any
discrepancy between the French and English versions of this press
release, only the English version is to be taken into account.
- Cash Culture Pulse” 2022, the study on detrimental impact of
spreadsheets on business team’s effectiveness
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