How can order to cash automation uplift business performance?
The order to cash cycle is more than just an assortment of business processes. It provides unmatched insight into how, when, and why your customers conduct business with you. Developing your O2C cycle could be the key you need to unlock greater customer contentment and improving cash inflow and customer experience.
Order to Cash is the process that takes care of the customer orders lifecycle. It’s a workflow that is also answerable for bringing cash into the company. A well-oiled order to cash process can still be improved, which can lead to higher revenues.
In this blog, we’ll share some actionable ways in which you can enhance your order to cash process.
Manual processes require human interaction and any human communication has the potential to introduce errors and disorganization. Instead, automating assignments ensures they will be done the same way every time. You’ll also be able to incrementally upgrade processes by measuring against a baseline.
Sending out invoices and collecting payments are two of the first areas you can easily brutalize. Customer portals and CRMs allow you to easily create and send customer invoices. Customers get a digital invoice and can then pay it online.
A mature platform will also help you to automate some of your records. Depending on where your business is in terms of growth and revenues, it makes sense to start with a smaller program that doesn’t require expanding incorporation. You can always measure up as your business grows.
2) Reducing manual effort by influencing data from self-service portals
It’s likely that your teams are depleting a lot of time pulling and analyzing external data in order to solve omission in the O2C process. They may be attaining or seeking customer websites to find the omitted master data, support advice, or researching discord and reductions. They may also be reaching out to customers to check invoice status, send invoices, statements, and proof of deliveries, and obtain a promise to pay information. A lot of these steps can be minimized if you can flourish the automate process.
Many organizations utilize accounts payable (AP) portals or websites to convey self-service choices to their business partners. These portals house the similar data required to solve a concern, follow up on payments, solve a dispute, and modernize master data. Combining data from these portals in progress can update and improve your existing systems and processes, minimizing non-value-added work and predictions, and permitting your team to refocus on what’s important.
3) O2C Analytics
O2C analytics solutions can help you to face these challenges, we use advanced digital technologies, such as machine learning, natural language processing, and big data analytics, to drive predictive modeling and accurately forecast past-due invoices and AR risk. With its continuous cognitive assessment of collections portfolios and strategy, machine learning identifies patterns across vast data sets. It predicts customer payment behavior and helps manage customer credit risk in real-time.
Business Benefits of automation order to cash
- Escalate in Sales The organization in the workflow, in the directory and in the procedure of the employees leads to a good relationship with the clients honestly. Thus, the Order to Cash process influences the gain in business and sales, in addition to upgrading the image of your company
- More precise inventory observing The Order to Cash process also contributes massively to effective inventory monitoring, preventing losses or breakages. With this, you can always make purchases within the sales calculation, taking benefit of the seasonality periods, and gaining more competitiveness. Furthermore, by always finding what they are looking for, the customer will be more satisfied!
- Agility in cash flow Commercial automation streamlines payment and receipt orders, optimizing cash flow. In this way, your business can create strategies due to the reduction in the error or loss rate.
- It is possible to make plans, which can be more precise, such as a possible investment in the short, medium or long term.
The best approach
There are so many ways to use customer portal data in your O2C process. To figure out the best access for your business, we recommend the following three steps:
A. Improve order entry cycle time
We help you to reduce your hand-operated order entry time, releasing up customer service resources so your team can devote more time to helping customers with interpersonal communication.
B. Boost revenue
By developing the overall ability of the O2C process, We give you the chance to achieve new business and increase revenue that would have otherwise been missed, due to longer lead times.
C. Enhance customer lead time and comfort
We allow you to reduce your lead time to customers – creating fruitful savings in the overall O2C process and improving customer satisfaction.