By Ahmed Khan
Communication between two separate entities with their own ERP systems gets tricky with multiple reports being run in different formats with incoherent data, thereby resulting in potential reporting errors.
A typical B2B transaction includes an exchange of product and financial compensation.
Typically, cash inflow and outflow recorded at the payer and receiver ends are done within their own ERP or reporting systems. Beyond that – to reconcile cash between the customer and vendor, manual reports are generated in agreed upon formatting in order to make them translatable by both parties. If not – another option used is to update a mutually agreed network-based file with preset headers and data labels.
This manual process not only wastes valuable time and resources but is prone to errors and discrepancies.
An AI solution that can translate multiple aspects of reports on both ends and pull them in the correct order, column, and position – and connect the two parties involved would be the ultimate cost-effective solution to this.
Besides having a solution that grows with the company, understanding milestone evolution and improving its tracking capabilities will be key for a software solution that is given the responsibility to not only record but report and track the most important metric of any working company. Cash.