Continuous Innovation - The Need for Continuous Innovation in Business Workflows -

Why innovation must be extended beyond the end-product to ensure true commercial success

In recent years, businesses are increasingly aware of the need for innovation with McKinsey reporting that 84% of CEOs see innovation as critical to long-term growth1. Similarly, we are constantly reminded how innovation is the driving force for success and that in today’s fast-paced and ever-evolving environment, we are presented with a clear choice: Innovate or die.

However, like many other industry terms that have become so widespread in our corporate lingo, the term, innovation, can often come off somewhat as a buzzword – something that can lumped in alongside other 2023 favourites such as “Machine Learning”, “Artificial Intelligence” or “Advanced Analytics”.?

Like the above-mentioned terms, innovation may be something that a lot of businesses aspire to but something that most do not take full advantage of. This is because we are often presented a very narrow view of what innovation is and where it can be applied. Typically, innovation is viewed through the lens of the business’s final product – a new device, a better service, or an enhanced user experience. However, to unlock its maximum payoffs, innovation must be extended across all areas including internal business operations, processes and workflows.?

Such all-encompassing innovation can drive improved efficiency and productivity, allowing companies to identify and implement process improvements that streamline operations, reduce costs, and enhance productivity. In fact, this is where automation can play a major role. With new technologies constantly being developed, there are increasing solutions available to businesses to automate and streamline what are often very manual and time-consuming tasks.?

One such area that is ripe for innovation is a business’s Accounts Receivables or collections’ function – an area that often continues to rely on manual consolidation of information, leading to delays in collecting payment from debtors.

While many may view collection challenges as purely a function of debtor quality, it is often a by-product of internal, structural challenges such as inadequate access to information, siloed communication frameworks and manual consolidation exercises. Such issues work to further complicate collection processes, resulting in delays and cash flow strains, which could have been avoided had all stakeholders had timely access to the necessary information in the necessary format.

With enhancing stakeholders’ access and usability of key Accounts Receivable information, together with a centralised, reporting and communications platform, System1A provides businesses with the tools needed to revolutionise their collection’s cycles and benefit from much-needed workflow innovations.?