Vianet is into the distribution of Electronics devices, and collection delay is a common practice.
Challenges Faced
Vianet, as an electronics distributor, encountered significant challenges in managing its Accounts Receivables. One of the major hurdles they faced was the reliance on manual processes for handling account receivables, which included sending manual payment reminders and managing customer communication. As a result, they experienced a surge in outstanding payments, further complicating the task of clearing those dues. Resolving these outstanding balances emerged as a critical issue for the company.
Solution
To address the above challenges effectively, Vianet strategically partnered with EnKash for its full-stack product, Olympus. Olympus is a comprehensive product for managing both business Payables and Receivables, as well as streamlining the reconciliation process.
By implementing Olympus, Vianet significantly enhanced its communication with customers. The platform facilitated the automatic delivery of timely payment reminders to debtors, eliminating the need for manual interventions. Additionally, these reminders included payment collection links, allowing customers to settle their dues conveniently through various payment modes.
As a result of this streamlined approach, Vianet’s customers could now make payments using multiple options, providing them with greater flexibility and convenience. Moreover, this improved payment process helped customers manage their Working Capital Crunch more effectively.
Overall, adopting the Olympus platform directly enhanced Vianet’s receivable cycle as it expedited the receipt of outstanding payments and minimized delays. The efficiency gained from this automation led to a more efficient Accounts Receivable management system
Benefits of Olympus
- Greater efficiency and 100% accuracy in accounting and auditing processes.
- More than 40% improvement in the business processes
- 50% overall cost savings
- Immediate Invoice dispatch: No additional effort is required to dispatch invoices;
- Reminders – Manual & Automatic: Reminders (automatic/manual) can be sent basis the importance of customers;
- Receivable Option via Multiple Payment mode: The platform allows customers to make payments via account / Credit card / UPI, etc., basis their preference;
- Manhour Saving: Automation of processes has resulted in reduction in manhours spent on receipt entry and bank reconciliation.
- Interactive Dashboard: DSO is available to identify regular payment defaulters to ensure timely collection and better working capital management.
Speaking on this, Deep Sehgal, Founder & CEO, Vianet, “We encountered significant challenges in our Accounts Receivables processes, as everything was handled manually, from sending reminders to managing outstanding invoices. However, with the implementation of EnKash’s Olympus, we experienced an outstanding transformation as our processes became fully automated. The results were remarkable: a substantial reduction in man-hours invested, achieving 100% accuracy in accounting and auditing tasks, and witnessing an impressive 40% improvement in overall process efficiency. Moreover, this automation led to significant cost savings.
One of the key benefits of Olympus was gaining real-time visibility of our Daily Sales Outstanding (DSOs), which became an interactive feature. This real-time insight into our receivables greatly improved our decision-making capabilities. We have unlocked a new efficiency level in our receivables processes, streamlining operations and ensuring smoother financial management.”
