Innovated solution for this competition:
Smart Process Automation for Credit Risk Classification
With SAP Signavio and SAP Business Technology Platform
Duration of competition: From 7 to 14 June 2023 – The inaugural Hack2Build initiative on SAP Signavio was brought to Asia Pacific region partners to get them to build process-specific industry innovative products as value accelerators. The initiative was held between 7-14 June 2023 as a hybrid event, with the final demo jam held in Melbourne, Australia. The hack phase constituted of partners across India, SEA, Japan and Australia, who put their ideas into action for a week. On the 7th day, the partners showcased their concept and their minimal viable product (MVP) developed with SAP coaching to SAP Senior leaders on the final demo-jam day.
We had 8 Partner companies across Asia Pacific and Japan who joined for the inaugural Hack2Build initiative, conceptualised and set out to build value accelerators using SAP Signavio, leveraging and combining the power of the SAP Business Technology platform (SAP BTP).
About the solution
Common Challenges for Most Organisations
Many organisations face challenges in managing their working capital on a daily basis, and it consumes a considerable amount of time and energy to achieve expectations or targets set by the business. One of the key aspects of working capital management is timely and accurate customer collections. It is crucial to underline customers’ potential to make timely payments as it will inevitably contribute to an organisation’s cash flow, credit risks, and financial stability.
Prior classification and visibility of customers’ credit in accordance with their payment history can help sort potential payment issues by taking proactive measures like adjusting credit and payment terms to mitigate them. Speaking of which, the current Account Receivables process that involves manual data analysis to skim through a lack of actionable insights leads to delays in identifying and addressing potential credit risks. These hampers risk management efforts, resulting in increased exposure to defaulting customers and financial losses.
Why Our Innovative Solution Works
To overcome this challenge, cbs Asia Pacific has innovated an “insights to action” solution for Account Receivable, comprising SAP Signavio and SAP Business Technology Platform. It begins with successfully recognising the underlying bottleneck in the Account Receivable process via SAP Signavio Process Intelligence which is converted into an actionable step using SAP Build Process Automation seamlessly in just one click that triggers the governed workflow for the consequent risk mitigating measure that includes managing customer credit and payment terms, email reminders and approval workflow.
Therefore, SAP Signavio, in combination with SAP Build Process Automation, can provide synergy to significantly improve the current Account Receivable process with a high degree of automation, efficiency, and efficacy. Meanwhile, prior to Signavio’s elicited analysis, raw data is transformed and given due consideration to the data quality in the SAP Data Intelligence Cloud, thus establishing a solid integration between SAP and non-SAP systems. cbs Asia Pacific also revealed the overall landscape of the credit classification process utilising the SAP Signavio Process Collaboration Hub’s inbuilt intuitive presentation mode.
The business process model was designed according to the process flow to assess the measures and mitigate the financial risks. Altogether cbs APAC solution enables customers to streamline their Account Receivables process and reduce manual effort and errors by automating the classification process using SAP Signavio and SAP Business Technology Platform in a seamless and integrated enterprise architecture.
External Links:
Website: https://www.cbs-consulting.com/apac/
LinkedIn: https://www.linkedin.com/company/cbs-corporate-business-solutions/
Blogs: https://www.cbs-consulting.com/apac/smart-process-automation/
YouTube : https://www.youtube.com/@cbsCorporateBusinessSolutions