Managing different CSV formats with tens of thousands of line items, Pattern's manual billing process limited its scalability and hurt its cash cycle. Using Received, Pattern cut down 3-4 days of CSV processing, gained real time visibility, and unlocked scalability to grow with no capacity limitations.
Pattern has a complex billing process with multiple products, entities, partners and channels, each with its own set of terms and regulations.
Pattern is an embedded Insuretch company that allows service providers to integrate protection products such as insurance and guarantee into their customer proposition as a complementary add-on to their core offering.
We were looking for a solution that would automate our billing process, save us time, and enable scalability. Received ticks all the boxes. The robustness of the platform is a true win, reducing long days of hard work to just a few simple clicks”.
VP Finance, Pattern
The billing process was completely manual, with different CSV formats, with tens of thousands of line items, making it extremely time-consuming, error-prone and stressful.
An inefficient manual billing process has limited Pattern's scalability. The Finance team found itself laboring over data analysis and pricing calculation, instead of focusing on progressing the Finance function at the company.
Manual work has made it impossible to meet invoicing and payment deadlines. This hurt the Cash Cycle and had an impact on partner relationships.
Manual analysis and audit have made it difficult to see the big picture, as well as dive into the details quickly when needed. Working with disparate data sources made reconciliation and analysis a big issue.
The Finance team at Pattern can now automate the contract-to-reconciliation process, in accordance with each customer's specific B2B contract terms, regulations and required document formats. Adding new pricing and contracts is a click away.
The Finance team at Pattern is now able to upload all they’re CSV big data formats, which feeds into the different contract logic. No data manipulation is needed. This consolidates all data into one unified dashboard and automatically validates it to ensure an accurate single source of truth.
Pattern’s Finance team is now able to manage complex customer and partner contracts, including customized terms with varying entities, currencies, and regulations.
Reduced closing time from 3 days to a couple of hours, freeing up the finance team to focus on strategic initiatives, and doing more thinking, less repetitive work
With newfound scalability and flexibility, Pattern can open new business models and contract arrangements, and bring on new customers without capacity limitations.
With consistent and accurate real-time data and analytics, Pattern can make smarter decision making, budgeting and financial planning.