5 06, 2019

How Virtual Cards, Customer Portals & Automation Will Forever Change B2B Payments

2019-06-05T10:09:51-04:00June 5th, 2019|Blog|

3 Technologies That Will Forever Change B2B Payments Despite the fact that most wholesale distributors still rely on checks as their primary form of payment, the B2B payment world is changing rapidly. Here are three technologies that can streamline your operations and help you give customers a better experience: 1. Virtual credit cards Virtual credit cards are single-use credit card numbers that allow you to make online purchases without exposing your actual payment info or identity to hackers. AP teams can assign virtual credit card numbers to a specific purchase – minimizing the risk of fraud. The number expires after the first use. Virtual credit cards are gaining popularity with consumer and B2B buyers who are concerned about data security. Visa, MasterCard, and AMEX now allow customers to use their cards to make B2B virtual payments. Now is the time to prepare your AR systems to meet customer demand for Read More

29 05, 2019

CFOs Are Playing a Vital Role in Business Strategy and Growth

2019-05-29T16:27:17-04:00May 29th, 2019|Blog|

Move beyond finance to offer strategic insights into all areas of your business. CFOs in wholesale distribution companies have traditionally focused on negotiating supplier contracts and managing risk. But today, you have a huge opportunity to drive business growth. Since the recession, CFOs have been tasked with managing costs while positioning their companies for future success. During this time, technologies such as automation and cloud analytics have made it possible for you to gain a 360° view of your company and quickly find the data that you need to advise the CEO on the best course of action. Now, CEOs expect big-picture, strategic thinking from you to help drive the business forward. “75% of CFOs said that their role will become more strategic.” 2018 CFO Sentiment Study In fact, you may have a larger impact on the business than any other executive. According to a study by Forbes and KPMG, Read More

22 05, 2019

The Amazon Effect Pushes Wholesale Distributors into New Territory

2019-05-22T14:35:23-04:00May 22nd, 2019|Blog|

Wholesale distribution e-commerce sites that offer buyers a seamless user experience are rapidly gaining market share. You need a plan to compete – or risk lower margins. Or even worse. You’re facing increased competition from e-commerce sites that make it easy for business customers to buy anything that they need online. In particular, Amazon Business is rapidly gaining market share. The marketplace now has hundreds of thousands of sellers and is set to hit $10 billion in sales – up from $1 billion just three years ago. Some analysts believe that Amazon’s business sales will soon surpass its consumer sales. As Amazon expands into more markets, you may feel the crunch. In 2016, revenue in the wholesale industry segment fell by 3.7 percent. Meanwhile, a leading distributor saw its Q2 2017 earnings per share drop more than 40 percent from a year earlier, which it attributed to price reductions and Read More

15 05, 2019

Changing Buyer Expectations Make the Customer Experience Your #1 Differentiator

2019-05-15T14:16:40-04:00May 15th, 2019|Blog|

In wholesale distribution, offering customers a seamless digital experience – both pre- and post-sale – can give you a competitive edge. For years, consumers have enjoyed the convenience of online shopping. They now expect the same experience when they make business purchases. Providing your customers with a seamless digital experience is more important than ever – especially as millennials take the lead on purchasing wholesale goods. According to Pew Research Center, this generation now makes up the largest percentage of the workforce. Meanwhile, 73% of millennials are involved with corporate buying decisions. But it’s not just millennials. All buyer expectations are changing. Today’s B2B customers are used to doing everything online – from banking to managing a business. Their reliance on technology impacts how they purchase wholesale goods. "By 2020, B2B buyers will make more than half of their purchases online." Digital Commerce 360 For example, more buyers are using Read More

2 05, 2019

Waiting For Your Money is Costing You Money. Can You Afford It?

2019-05-02T11:51:01-04:00May 2nd, 2019|Blog|

We used to spend our lives waiting. Needed to go somewhere? You waited for a taxi or bus. Needed cash? Waited in line at the bank. Needed to buy something? Waited in line at a shop. Went out for dinner? Waited for a table. Wanted to watch a movie? Waited in line at the ticket booth, then at the concession stand, then waited for the movie to start. Now, with the likes of Uber, Venmo, Amazon, Grubhub, and Netflix, we never have to wait for anything. Yet, if you work in the receivables department of a wholesale distributor, waiting isn’t only the norm, it’s the name of the game. With your working capital tied up in receivables and inventory, your customers’ expectations changing, and the cost of capital going up, how long can you really afford to wait? Understanding Your DSO What is your Days Sales Outstanding (DSO)? Is it Read More

24 04, 2019

The Digital Age of Accounts Receivable is Dawning. Are You Ready?

2019-04-24T16:29:49-04:00April 24th, 2019|Blog|

We’ve all heard the story of Netflix and Blockbuster. The David and Goliath tale of how one small, agile, forward-thinking business took down a behemoth. How in only a few short years, Blockbuster went from being a multi-billion dollar business to filing for bankruptcy. Since then, countless business books, blogs and even university courses have been dedicated to dissecting the story. How could Netflix, a flailing business itself back in 2000, crush Blockbuster so completely and so swiftly? Nowadays, we laugh when reading about how Blockbuster turned down an offer to buy Netflix for a mere $50 million in 2000 - “How could they have been so stupid?” And we roll our eyes when looking back on Blockbuster’s online DVD rentals launch – “The future was streaming, not DVDs!” But hindsight is 20/20. If Blockbuster knew then what they know now, what would they have done differently? AR’s Digital Transformation Read More

17 04, 2019

Customers Choose the Path of Least Resistance. Is That You?

2019-04-17T13:24:55-04:00April 17th, 2019|Blog|

Today’s customers covet convenience. From having groceries delivered to their door, dry cleaning picked up and delivered to their homes, and even the handling of their finances, the majority of everyday needs are solved without lifting a finger. Online bill pay has become so common that most people don’t have a current checkbook. Credit cards are being replaced by cell phones. And online retailers are outpacing brick and mortar retail establishments due to the ease and convenience of customers not having to leave their home. When given the option, customers will choose the path of least resistance to meet their needs. So why - in this world of digital convergence, technological advancements, and streamline automation - has the business-to-business space remained so reluctant to change? The Disconnect I’ve worked in B2B for years, and what has become overwhelmingly clear is that there is a massive disconnect between what the customer Read More

11 04, 2019

Turn your AR Process into a Competitive Advantage

2019-04-11T13:59:53-04:00April 11th, 2019|Blog|

Let’s face it, few company leaders wake up in the morning and say “Today, we are going to be known for our best-in-class back-end AR process”. It’s not that accounts receivable isn’t important. We all know that capital on hand is working capital, and the sooner you get your hands-on working capital, the sooner it can, well, work for you. The problem is that many companies don’t know there is a best-in-class AR process. Their AR process works, after all. Their teams are busy. They’re dialing, emailing, dialing, emailing, and so on. They are doing the job the best they can, the only way they know how. Isn’t everybody? No, not anymore. Companies like yours are realizing that, not only is there a better way to manage accounts receivable, but it can actually give you a competitive edge. The Cost of Doing Business? Today’s standard AR process is riddled with Read More