Business Intelligence is key to success for today’s organizations, especially AdTech firms. Accounts receivable teams in AdTech businesses often find themselves in a difficult position. A high volume of ad impressions produces data that needs to be validated and aggregated, and customers often ask for this information in advance of paying an invoice. That means that AR data, analysis, and historical insight need to be continually tracked and easily accessed by teams and customers alike.
For many companies, this requires time-consuming manual data analysis, adding yet another task to the busy schedule of accounts receivable representatives. In addition, it’s prone to errors that can lead to delays in payment.
A Better Way to Manage Information
Business intelligence is an essential practice for AdTech accounts receivable teams that enables them to make better use of their data to accelerate customer payments.
Business Intelligence – a set of strategies and technologies for analyzing business information and transforming it into actionable insights that inform strategic and tactical business decisions.
In the world of accounts receivable, this is most effectively found in AR solutions that include a built-in business intelligence module. Unfortunately, this has historically been a weak point for AR software.
“Almost half of the respondents in IDC’s SaaS Path Survey-2021 reported that they continue to rely on traditional spreadsheets to support AR reporting and analytics, and more than 72% of respondents find AR reporting and analytics challenging compared to other aspects of AR.” – Kevin Permenter, Research Manager, Enterprise Applications, at IDC
Attempts to manually collate and contextualize data are not only time-consuming but are prone to mistakes. It is a generally accepted statistic that the error rate of manual data entry is typically around 1%. However, that number can grow exponentially when those mistakes are passed into other systems or forms, causing additional errors.
With that in mind, the question becomes, “What sort of features should an AdTech company look for when it comes to business intelligence?”
Track the Data That Matters to You
While most AR software contains data tracking capabilities, the options are typically limited to preset reports. Creating custom reports either requires a user with high technical knowledge or paying to have the software company create one for you. That’s a drain on both money and time.
A good business intelligence solution will provide easy-to-use filters and presets to create a customizable view of your accounts receivable data based on the specific metrics you need. Ideally, it should be designed so that both technical and non-technical users can create the reports with just a few clicks.
This is especially key in AdTech. You want any member of your AR team to be able to collect vital data and make it easily presentable so that it can be sent to customers alongside an invoice to expedite the approval and payment process.
Automate from the Cloud
AdTech customers with a regular billing schedule may also expect to receive reports and data on a set schedule. That’s why it’s best to find a business intelligence solution that can schedule and deliver updated data automatically by email. Ideally, the solution should also provide intuitive dashboards that organize and display the information, making it easy to understand.
While BI solutions can be located on the cloud or premises-based, there are several reasons to look for a solution that utilizes the cloud:
With an increasing number of employees embracing hybrid or remote work schedules, it ensures that access is readily available wherever it is needed.
Working from a single, cloud-based system with an unlimited number of users also allows vital information to be accessed and shared from a single location with the touch of a button.
Factoring each of these features into consideration will provide AdTech firms with the most comprehensive business intelligence solution, eliminating unnecessary costs and improving employee efficiency.
To learn about Quadient AR’s business intelligence offering, download our Business Intelligence Module datasheet.