It’s a step in the right direction, but it’s not enough to make a lasting difference. These are the companies who have made the leap from printed invoices to delivering invoices via email, for example. Some organizations falsely believe they are on-course for positive digital transformation but have only just dipped their toe in. You have to adapt to stay competitive and you have to transform to lead. And just like that first Blockbuster store, these companies are destined for hard times. For many organizations, the processes and tools used today are the same ones used back when the first Blockbuster store opened in 1985: phones, checks, outdated sheets of data, handwritten notes/amendments, and printed invoices. Which are you?īefore AR automation, accounts receivable hadn’t fundamentally changed in decades. And just like with Blockbuster and Netflix, there are companies leaning into this transformation and others that are avoiding it. AR automation platforms are completely changing the way accounts receivable operates, improving things for both collections teams and the end-customer. Today's AR is going through a digital transformation, just like video rentals did almost 20 years ago. If Blockbuster knew then what they know now, what would they have done differently? AR’s digital transformation Nowadays, we laugh when reading about how Blockbuster turned down an offer to buy Netflix for a mere $50 million in 2000 - “How could they have been so stupid?” And we roll our eyes when looking back on Blockbuster’s online DVD rentals launch – “The future was streaming, not DVDs!” But hindsight is 20/20. How could Netflix, a flailing business itself back in 2000, crush Blockbuster so completely and so swiftly? Since then, countless business books, blogs and even university courses have been dedicated to dissecting the story. How in only a few short years, Blockbuster went from being a multi-billion dollar business to filing for bankruptcy. The David and Goliath tale of how one small, agile, forward-thinking business took down a behemoth.
We’ve all heard the story of Netflix and Blockbuster.
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