In an effort to bring you continued industry insights in an easy to digest manner, we started a series called Lunch Bites - short industry specific conversations served up in the time it takes you to make a sandwich. This edition of Lunch Bites features Matt Shanahan, Chief Strategy Officer at Lockstep discussing the changing world of accounts receivable and digital transformation in the marketplace.
“Digital Transformation” is a bit of a buzzword lately. The pandemic has exposed cash traps in accounts receivable, particularly for companies doing business via traditional methods involving paper invoices and mailed checks. Digital transformation is all about eradicating the paper, and moving things to the web and email to collaborate with customers digitally. The goal of digital transformation in AR is to lower days sales outstanding (DSO).