Tag: ghostwriting

Seven key steps to improving the digital customer experience

Country manager of UK and Ireland, Matthew Parker from Vonage, a global business cloud communications leader, shares his thoughts on the key lessons from the recent ‘Reimagining digital customer experience and brand engagement’ roundtable event

At the roundtable (written up here), the passion for customer experience came across from everyone, loud and clear. There were plenty of great statistics in there, too; I love stats. I wrote down seven things during the discussion, and these are my key takeaways.

Humans: We discussed the evolution of humans and how technology has to be intuitive. I think there is a link between humans and smart automation. Certainly, natural language processing and understanding sentiments in emails and messages is an area of investment and innovation. As another classic example, though, you want to know where your parcel is on its journey to your door. It’s a commonly asked, simple question that can be solved by automation. Tracking technology means that humans are not needed, but there are plenty of other things that do require human input and touch.

Trust: Someone mentioned trust. And a few people had different definitions of trust, but the two words I took away, linked to developing consumer trust and loyalty, were security and integrity.

The ecommerce journey:  This was another subject. There was a great stat on ecommerce growth: the pandemic spurred a 130% increase in ecommerce adoption. But looking at the ecommerce journey is so important, especially when working out where to remove friction.

Experimentation: Someone said: “Have a go and try digital transformation.” I love that. I attended an Amazon Web Services (AWS) summit a few years ago, and despite that digital transformation had been around for a long time, thousands of people there were wondering where to start. The speaker on stage, from AWS, said: “Just have a go, just have a go, pick your burning platform and just have a go.” In many ways, that’s still going on, which is great to hear.

Brand connection and value exchange: Together these make a potent combination. There has to be something for the customer in return for their data. 

The use of data: This final point wraps the session up nicely. Collecting data in itself is not necessarily a bad thing, but it has to have a context in terms of how an organisation will use the data. That’s the essential bit. Then there is the integration of that data in the customer journey. For example, we all get driven mad if we are on an interactive voice response for 20 minutes and then, having filled out the information, the human customer support person asks us the same questions.

This article, sponsored by Vonage, was first published on Raconteur in November 2021

Raise the bar with accounts receivable automation to release cash

Thanks to pioneering technology, there is now a golden opportunity for financial controllers to free enormous sums of tied-up working capital. This will empower employees and enable them to drive value and strategy, writes Kevin Kimber, Managing Director, Global AR, BlackLine

The coronavirus crisis has prompted most organisations worldwide to spend big on automating their financial services – but only a tiny fraction have upgraded their accounts receivable processes. Today, with the advanced technology and pioneering tools available, those who fail to automate their AR processes miss a golden opportunity to empower the finance teams and unlock the cash held hostage.

In November 2019, months before the pandemic hit Europe, PricewaterhouseCoopers calculated that a staggering $1.2 trillion of excess working capital was tied up on global balance sheets. While there is clearly a latent opportunity to free this enormous amount of cash, ahead of the coronavirus crisis automating AR operations was not a priority for businesses.

Back then, the reluctance to focus on upgrading AR processes for the digital age was, to an extent, understandable, given the ease of borrowing for businesses. Now, though, organisations realise that optimising these processes has never been more critical. A recent Institute of Finance and Management survey suggests 55% of finance leaders are less than satisfied with how their company’s AR procedures have performed during the recession. And over half (52%) say that too many manual processes are the biggest weakness.

The combination of the lines of credit being significantly compressed and the increased demand to have cash more readily available – to drive innovation, boost agility and strengthen resilience – has elevated the need to embrace AR automation.

Historically, solution vendors possibly didn’t know how best to position the value and business benefits of automating AR processes. It’s so easy to pigeonhole AR automation as a single process primarily about headcount reduction and driving efficiencies. While these points are valid, there is so much more from which to benefit. 

Articulating the benefits of automating the AR process

Presenting the point that “if you deploy a technology like ours, you can reduce your headcount from, say, 16 to five people” does not go far enough – there are so many additional advantages now. However, if we reframe the case for AR automation, it becomes so much more compelling.

For example, a large, global B2B manufacturer with a high volume of low-value invoices might offer 30-day payment terms. Each day is worth $150 million, so customers paying 63 days late means $9.5bn late and at risk.

Not only is this woefully inefficient, but there is also friction generated between the increasingly frustrated finance team and the customers whom they are chasing for payment.

Deploying technology like BlackLine enables that cash to be collected and applied much faster, giving access to cash quicker, reducing the need to borrow to cover working capital exposure and tightening customer relationships. Ultimately, through artificial intelligence and machine learning, automating that process will enable businesses to unlock the cash held hostage.

More than that, investment in AR solutions starts a virtuous circle: the business becomes more agile, innovative, and resilient – all essential elements for organisations seeking to thrive in the coming months and years – because the cash is available. 

Looking at the broader picture, it’s a fallacy that robots are taking our jobs. On the contrary, they are enhancing and improving them. Humans are empowered to make smarter, data-driven decisions. And at BlackLine, we are transforming the relationship finance teams have with technology.

According to Adobe’s Future of Time study, published in late August, UK business employees waste more than a day a week on low-value tasks that should be automated. So much so that almost two-thirds (59%) of respondents are seeking new jobs with better technology to reclaim work-life balance.

Automation propels finance teams from the back office to driving strategy 

Indeed, the reduction of repetitive manual tasks transforms finance departments to be more human and less robotic – they become enablers rather than blockers. Automating the AR process means that risk is easier to manage. 

For instance, BlackLine AR Automation solutions put key information at the fingertips of organisations – from live payment data to debtor performance – so teams can quickly identify customer trends and maximise cash and debtor performance metrics.

It also helps to optimise relationships with customers. Access to and analysis of the data provides a markedly better understanding of customer behaviours, allowing the finance team to be more proactive, and helpful, when engaging. For example, how and when are they paying? What levels of credit are they on? With managing existing customers and looking for new customers crucial for growth, deepening these relationships is vital. 

Further, when supported by automation and data-hungry AI algorithms, finance teams are propelled from the “back office” to the heart of the business, driving both value and strategy.

Automated solutions, such as BlackLine’s, instantly improve a business’s cash flow, better protect revenue, and boost working capital and customer-centricity. We know what customers need to thrive in the digital age. Armed with our expert help and pioneering tools, they can unlock the cash held hostage while empowering their finance teams. Organisations that prioritise automating AR processes today will win tomorrow.

Small steps to accounts receivable automation – but large rewards

1. Understand that business outcomes are being challenged, unnecessarily. In 2019 PricewaterhouseCoopers estimated that $1.2 trillion of excess working capital was tied up on global balance sheets. A more recent IOFM survey suggests days sales outstanding (DSO) has increased by 59%. Additionally, PYMNTS’s B2B Payments Innovation Readiness Playbook shows businesses that rely on manual AR processes often have a 30% longer average DSO.

2. Most AR processes are not fit for purpose – so say finance leaders. The IOFM survey finds that 55% of respondents are less than satisfied with their AR operation. Over half (52%) report that too many manual processes are the biggest weakness. Further, only 23% have utilised some kind of cash application automation. Notably, the lowest number of days taken to collect debt for those businesses using AR automation is 12.

3. Realise the potential of automating AR processes. Organisations that have upgraded to BlackLine’s AR automation solutions all report huge – and immediate – benefits. “You can reduce your costs by at least 75%,” says the head of credit, Atkins Group. Meanwhile, Veolia’s UK credit manager says the solution “has allowed the credit controllers to focus on collecting cash and managing risk”.

4. BlackLine AR Intelligence delivers real-time insight into customer financial behaviour to mitigate financial risks and improve cash flow and working capital performance. With cash flow vital to every business, AR automation is a future-proofed solution.

This article first appeared in BlackLine’s special report, Optimising the accounts receivable department, published by Raconteur in November 2021

Dame Katherine Grainger: ‘We’ve always been blessed with brilliance – but National Lottery players changed everything overnight’

Dame Katherine Grainger, Great Britain’s joint most decorated female Olympian and now Chair of UK Sport, tells the story of seismic change for all athletes over the past 20 years

Hand on heart, it is difficult to put into words how genuinely grateful countless British athletes are for National Lottery support, which began in 1997 – the year I first made the rowing team, coincidentally. It has made such a striking and transformational difference to the country’s sporting fortunes.

I was lucky to be funded by the National Lottery throughout my 20 years as an athlete. But when I joined the team, ahead of Sydney 2000, every other member was either holding down a job or had an overdraft or loan.

If you wanted to be the best in the world back then and even have a chance against the more prominent, well-funded nations, you had to beg, borrow, or steal to train and compete properly. Because there wasn’t access to top facilities, coaching and medical support. It’s unrecognisable to the standard of support we have today, thankfully.

Indeed, on the eve of Sydney, we all felt as though we were in great shape but wouldn’t be doing this were it not for help from the National Lottery, thanks to John Major’s instigation. It was an absolute game-changer.

Britain has always been blessed with brilliant athletes who have a burning desire to succeed. But without a structure and enough support, we were at a disadvantage – until National Lottery support improved everything almost overnight.

What is especially important to athletes, and makes us try even harder, is that the money comes via members of the public who have played the National Lottery. So there is a lovely link – a collaboration between top sportspeople and National Lottery players – and you want to do them proud.

Anyone who buys tickets – as I do – wants to win a life-changing amount of money, primarily, but in a way, even if your numbers don’t come up, you are helping to fulfil someone else’s dream.

It’s incredible to consider how much evolution Team GB’s athletes have undergone in just over two decades, thanks to National Lottery support. It is easy to take it for granted now, with every athlete surrounded by coaches, medical teams, nutritionists and so on, but we have taken tremendous strides.

Amazingly, the women’s rowing team first had a full-time coach in the run-up to Sydney, and before then, there had not been a centralised programme. I recall how teammates would tell me that, before I joined, because there was not a physiotherapist to see, they would be advised to lie down for a fortnight if they suffered a back injury.

However, by the time I was training, if you felt your back going on the river, you would be seen by a physio within 30 minutes and referred to an on-site doctor, if necessary. Suddenly, injuries were manageable and didn’t set athletes back. It was wholly reassuring to know you were in good hands, and that bred confidence when you were training and competing.

The coaching and the central base were part of the obvious initial upgrade. Other elements have been added over the years, building on those early gains. Before Athens 2004, for instance, many institutes of sports were established. And while great investment was first made in the physical preparation of the athletes, now there is also a focus on the mental side.

As Chair of UK Sport, I don’t know what we would do without National Lottery support, which has provided 60 per cent (£204 million) of the £340 million we have allocated for the Tokyo cycle. It has been critical to supporting the athletes and the institutes of sport in these uncertain times; I doubt many of the latter would have survived if not for the National Lottery.

Athletes have been delayed by a year, of course, and the coronavirus restrictions have added another significant cost to training and competition. Thanks again to National Lottery support, though, the Team GB athletes can be assured that they will have had the best preparation, so I’m quietly confident and have high hopes that we will perform well.

If the support suddenly stopped, it would be a massive loss and I fear it would transform sport in Britain, in a hugely debilitating way. So the thought of it continuing, and having the wonderful public support and backing, is fantastic. While it propelled our success in 2012 and 2016, every new wave of athletes is keen to make their mark. I firmly believe there are still so many memorable moments to come, and that’s essentially thanks to National Lottery support.

Dame Katherine Grainger is Great Britain’s joint most decorated female Olympian – the former rower has one gold and four silver medals – and is now Chair of UK Sport, the government agency responsible for investing in Olympic and Paralympic sport. 

This ghostwritten article, sponsored by Camelot, operators of the National Lottery, was first published on http://www.Telegraph.co.uk in July 2021

Colin Jackson: ‘When things open up again, I’ll be in the front row’

Athlete Colin Jackson is desperate to attend live sporting events, hear the roar of the crowd, and also get his skates back on following his star turn on Dancing on Ice

As someone whose life has centred around sport – and athletics in particular – for more than half a century, I am utterly desperate to attend live sporting events again, once lockdown restrictions finally ease.

The pandemic has tested everyone, but has been especially tough on elite sportspeople, who have had to perform in empty stadia, if at all. Perhaps I am biased, given my passion, but I believe athletes have suffered more than most. Top-tier athletics is truly global, and without being able to travel, meaningful competition is pretty much impossible.

That’s why I’m looking forward to heading to Switzerland in September and watching Weltklasse Zürich – as a fan rather than a commentator, crucially. The annual invitation-only world-class track-and-field meeting was established in 1928, and in 2021 it will serve as the sole final of the Diamond League competition. The audience members are always so knowledgeable, and it will be a joy to mingle and learn without work pressures.

It’s hard to put into words the critical role spectators play for top sportspeople, as is also the case with actors, musicians and dancers. If you’re underperforming, a roar from the home crowd has the magical ability to lift your game by an extra percentage point, and gives you the oomph needed to push you across the line. Without a live, in-person audience, I can imagine it just feels like glorified practice.

I want the real deal, the whole package of live, atmospheric sport. I crave the moments of silence – before the starting pistol is fired, for example, or the hushed seconds ahead of a vital penalty kick in rugby union – and the spine-tingling bellows as glory is secured.

Cheering on the Six Nations champions from the sofa

I’ve watched plenty of sport from my sofa throughout lockdown, including tennis, golf, cricket, and – being a proud Welshman – rugby union. I always tune in for the Six Nations, and I was delighted when the unfancied Wales team was crowned champion this spring. I loved that most people wrote the Welsh off, but the players stayed cool and took the title again.

While the Six Nations was on, I performed in Dancing on Ice, and would dash back from training to catch the games, wearing the red of my country – and I’m glad I did. Before the coronavirus crisis, I would never have predicted in a million years that I would learn how to ice skate.

It was one of the most unique and enjoyable experiences of my life, genuinely. Finishing third in the competition was beyond my wildest dreams. I had so much fun, and when the ice rinks open again, I’ll be getting my skates on once more.

I’ve also tried to keep abreast of all the athletics news during lockdown, and tuned into events all over the world. Thanks to technology, I’ve been able to catch most meetings of interest, no matter how small. On one occasion, I contacted some Italian athletes on social media to ask them about an event, and they live-streamed it, basically just for me. I don’t know how we would have coped without the advanced tech we take for granted.

Sport has been forced to innovate – and that’s good for the future

In a way, the situation caused by the pandemic has been good because it has forced all elite sports to reflect on what benefits they provide for spectators. It has sparked innovations – though not always successfully, as the many people who rallied angrily against football’s proposed European Super League can testify.

However, having to think outside the box has been a useful exercise for all sports. For instance, I was proud of athletics when, last July, the Weltklasse Zürich was transformed into the inaugural Inspiration Games: a live, 90-minute virtual competition. Thirty top track-and-field athletes started their races simultaneously, from their tracks all over the world, and fans enjoyed the live event despite the coronavirus restrictions.

Ultimately, every single sport has had to look at reinventing itself, to an extent. It has been essential to sustaining interest in sport as a vehicle for entertainment, and I firmly believe that most sports will come out of the pandemic stronger. One thing is for sure: when things do open up again, I’ll be in the front row, roaring on the action.

This article, sponsored by American Express, was first published by The Telegraph in June 2021