Significantly improving customer satisfaction at a global printing business, +70% adoption
Sihl has greatly improved the efficiency of its accounts receivable process, saved money, and significantly reduced its days sales outstanding (DSO). By implementing a solution that eliminates manual, paper-based invoice presentment, provides customers with a convenient self-service online portal, and has been adopted by more than 70% of customers, customer satisfaction has dramatically increased.
“Our customers love getting their invoices electronically,” says Jennifer Tavino, Senior Accountant at Sihl. “We have not received any negative feedback from customers at all. The process is much more streamlined and efficient for them.”
THE STARTING POINT
Sihl’s invoicing process was manual. One accounting manager was responsible for generating and mailing out hundreds of invoices each week. The process was laborious, cumbersome, inefficient and consumed valuable time and money. One ‘lost’ invoice would add weeks to the receipt of payment. The process created challenges for billing customers, receiving payment, and negatively affected both cash-flow and customer relationships.
“If customers did not receive an invoice because it was ‘lost in the mail’ and called us to get a reprint, we would have to go through a major process to get the reprint to them. This delayed payment by weeks.”
Jennifer Tavino, Senior Accountant
As technology was advancing and the market was maturing, Sihl customers were beginning to demand electronic invoices. In order to appease its customer base, Sihl’s account manager began manually scanning invoices, attaching them to emails and individually sending them out. Although it helped in the short-term, this process didn’t address the full breadth of customer demands and was as laborious as mailing invoices.
With increasing costs, time-consuming processes and delayed payments on the rise, Sihl knew it needed to change its process.
Sihl implemented VersaPay ARC®, a cloud-based solution that automates the entire invoice-to-cash process: presentment, collaboration, collections, payments and cash application. With ARC, Sihl has brought their AR into the 21st century.
ARC enables true online invoice presentment, allowing Sihl to meet the demands of its customers while eliminating the direct costs associated with paper-based invoicing. ARC provides a self-service portal for customers to view and print invoices online 24/7/365, make payments with the method of their choice, including ACH, EFT and credit card, and communicate with the AR manager directly within the platform.
ARC automates the tedious tasks in the AR process, permitting the accounting team to focus on projects that have measurable business impact, including analyzing financial statements and further improving customer relationships.
By investing in VersaPay ARC, Sihl has given customers control over their accounts and increased team efficiency, resulting in improved customer satisfaction and reduced DSO.
Invoices per month: 1,000
Sihl is a global leader for digital print substrates. Producing an unparalleled range of films, papers, and specialty materials for inkjet, solvent, UV curable, latex and toner-receptive wide format plotters, printers, and presses.
Given how manual and primitive its existing process was, Sihl described their decision to invest in an AR solution as a no-brainer.
Short-listed 5 platforms with the features required.
Selected VersaPay ARC due to its ability to pull information direct from Sihl’s shipping system, allowing Sihl to leverage their existing investment.
ARC was rolled out on a group of volunteer customers. All major clients were signed up and using the online portal within a week.
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