How new Technology Transforms Work in O2C
This
blog helps reduce challenges with working capital. It is aimed at the O2C &
Credit professionals, and focuses on how these issues have arisen and how they
will continue to arise in our industry.
To
keep customers happy, sell and deliver more products, and make quarterly and
annual revenue targets, process improvements are in the works. A responsive
website designing company in india are willing to invest in order-to-cash processes that improve
efficiency by managing the order to cash process better.
A new Scenario of Opportunities for
O2C professionals:
·
Enterprise
risk management strategies are increasingly including credit management. This trend has created a crucial need for
reliable cash flow forecasting.
·
Nevertheless,
it has also driven people to rally behind the company’s priorities in order to
foster cooperation among different functions.
O2C – the challenges it faces?
There
are many reasons for order complexity, which can quickly cause interruptions in
the process. To solve the complexity problem, make sure to reduce order
complexity so that customers can enter orders accurately and easily.
Even
when handling orders is easy, organizations can't always handle increased sales
volume. One way to fix this issue is by reducing manual touchpoints in order to
improve sales order processing and protect current sales.
Understand the challenges and
improvements required
The
first step to understanding the unique challenges in the O2C process is recognizing that this is a global process
transformation.
After
a affordable
web design in india reviews their previous data and the proposed
improvements, they need to decide which improvements will have the most
positive impact in order to drive future success.
Start
by considering how each improvement will increase the speed, accuracy &
transparency of the O2C process. For example, when you lack order management, inaccurate orders
cost you money, quick turnaround of orders is necessary, and lack of visibility
increases exceptions throughout the process.
A
lack of visibility within your accounts receivable can lead to excessive bad
debt write-offs, especially for misapplied payments. Delays in applying cash
can also lead to credit holds, and would generally disrupt the company's cash flow.
When
analysing a process, O2C instructs the user to analyse the need for change. It
then determines what changes will bring most value to the organization.
Check out TOP 5 automation
capabilities for order-to-cash (O2C)
1. Centralized
repository for data
End-to-end integrated automation platforms provide a
single source of truth which in turn enables:
·
Better inter-team collaboration
·
Prevention of data breach in any form
2. Collaboration
& communication
·
Smooth
collaboration workflow for action items requiring multiple stakeholders to work
on them
·
Automated
correspondence to the end clients for deductions, collections, credit decisions
etc.
3. Self-service
customer portals
·
Empowers
the customers while eliminating multiple touchpoints, thus improving user
Experience
·
Full
view into the interaction history, invoices/correspondences sent & received
for all customers
4. AI
&Machine Learning
·
System
can make recommendations for complex decision making scenarios
·
Self-learning
capabilities prepare the system for handling future exceptions, as and when
they arise
5. Out
of the Box Reporting
·
Intuitive
reports with drill-down capabilities providing maximum visibility to all
stakeholders
·
Reports
allow for trend analysis, which provides better insights than instantaneous
data
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