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Litco Systems Inc.

3780 14th Avenue, Suite 208

Markham, ON, L3R 9Y5

Canada.

Tel: (905) 470.6366

Fax: (905) 470.6394

eMail: info@litcosys.ca


 

 





 
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Financial Supply Chain for
Increased Revenue
AP Service Strategy Helps Banks Penetrate Financial Supply Chain for Increased Revenue
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• QlikView Brochure (Eng) (French)

• Case Studies

• Supply Chain Scorecard Demo
 
 The Starting Line - Qlikview can help
In an attempt to stem the tide of decreasing revenues, many banks and financial services organizations are actively searching for new ways to entrench themselves more deeply within the core financial processes of their corporate customers. Strategically, it makes perfect sense. The financial supply chain can be a vast web of interconnections where enabling the slightest gains in process efficiency for corporate clients can yield exciting new revenue opportunities.

Although efficiency in payments processing has helped improve relationships between buyers and suppliers, it’s safe to say that most banks have only managed to skim the surface when it comes to unlocking the value of the financial supply chain. The challenge is finding saleable penetration points that don’t require considerable investments of time or money to implement or maintain. One emerging access point for developing a stronger position within corporate financial supply chains comes at the very beginning of the AP process with invoice management.
 
 Qlikview - Complexity Simplified

While the adoption of accounts payable process automation and electronic workflow solutions continues to increase among corporations, paper invoices aren’t expected to disappear from the landscape anytime soon. According to a recent study by research firm Aberdeen Group, 83% of domestic and 86% of international organizations continue to receive bills in paper format. Aberdeen’s industry benchmark reveals that on average, paper invoices take 27.6 days to process manually, driving up operating costs and all but eliminating an organization’s ability to capture early payment discounts. Therein lays the opportunity that banks have been looking for.

Assisting corporate clients with resolving and approving invoices quickly can start a chain-reaction of events with broad benefits for banks and financial services organizations. Increased visibility into the financial processes of corporate clients immediately strengthens a bank’s position within the financial supply chain. As a result, banks can leverage this new found visibility to partner with buyers and suppliers for supply chain financing, and play a key role in bridging the funding gap for reducing supplier DSO and extending buyer DPO.