How does your company currently validate its billing data? This can be quite a labor-intensive and costly process, depending on the size of the enterprise and on whether or not you have proper automation working for you.
However, the right tools can give you the upper hand. Nowadays, you can rely on data hypersegmentation technologies for much more assertive validation process. This allows you to better understand your customer and optimize your billing procedures, reducing the number of errors and providing a more humanized communication.
Invoice validation like you’ve never seen before
One of the most effective ways to improve your business performance with automated invoice validation is by using DVA (or “Automatic Data Validation”). The system is a configurable solution capable of achieving full accuracy, automatically validating exponential amounts of data that would otherwise be humanly impossible.
Thus, DVA helps your business grow through communications based on data analysis and increased message relevance.
With the technology, you can:
· Validate data in an integrated and automated way
· Unify and validate data from different areas and platforms
· Safely validate 100% of data
· Create rules specifically tailored for your business
· Automatically identify errors in your databases
What’s interesting is that, despite its technological sophistication, any business can take advantage of this tool. Used mostly by banks, card insurers and retailers, the system can be used by anyone. The only requirement is to have a system that manages a base in recurring fashion. From there on, you can configure DVA to always read the base in this format and, after this recurrence is recognized, you can define the validation rules.
This means that DVA is extremely flexible and can work with any database platform, ensuring that the right communication is delivered to the right person on the right channel.
In addition, its validation rules are not unique and unchangeable. Because DVA is designed for constant improvement, the results obtained with a new rule allows it to learn and refine or create other rules. In other words, it is a living system that learns and constantly customizes itself the more it is used.
That makes DVA an interesting alternative even for businesses that know something is wrong with their invoicing process, but have not yet pinpointed the problem. Based on some basic rules, the tool achieves a better understanding of the company’s process and identifies where errors occur.
Getting to know your customers better with DVA
With DVA, you choose the rules that best fit your needs and customer base. If that seems confusing, don’t worry. One of the great advantages of DVA are the generic rules that apply to any business.
Here are some examples:
· Validation of customer information (Name, Social Security Number, Email): Checks key customer information that needs to be constantly updated in order to ensure error-free invoicing.
· Transaction validation: The various transactions listed on an invoice give rise to a number of small errors that, together, can lead to huge losses. The DVA checks if all debits, credits, fees and charges match the correct amounts, scans for inconsistencies and ensures that transactions are accurate.
· Editable fields and barcodes: If fields and barcodes are inaccurate, the customer cannot make the payment and the company loses. DVA lets you check if the barcode and editable field feature accurate data.
· Number of records in customer base: Imagine that a company has 5,000 customers in its base, but generates 4,998 invoices per month. Something is wrong, don’t you agree? DVA checks if the customer base matches the number of invoices and identifies possible reasons for any discrepancy.
· Duplicate records: Due to processing errors, the customer base may contain duplicate records (such as two invoices for the same customer). The system can find these records and decide which ones should be deleted.
Data validation will boost you company’s performance
DVA turns your invoice delivery process into a unique experience by automating invoice submission and communications through a single platform. In addition, from a broader perspective, the tool impacts three different ends: the customer, the company, and the team generating this communication.
Many of these teams have to work under stressful conditions, as they are required to check invoices in very tight timeframes. Which, in turn, leads to a high percentage of error.
With DVA, teams are able to work much more comfortably. The speed of the process results in less stringent deadlines, allowing teams to better analyze discrepancies and decide how to deal with them. The nature of the effort becomes much more analytical and less manual, raising the bar for employees, who make the transition from “doers” to “thinkers.”
Finally, it is important to note that DVA helps ensure compliance with the General Personal Data Protection Law (LGPD) by keeping customer information private during the validation process.
For all of these reasons, getting DVA for your company is the right move. Invoice validation is just the beginning of a revolution that will change the way you communicate with your customers, streamlining processes, establishing a more humane dialogue and improving your team’s performance.