Automating Order To Cash: A Step-By-Step Guide To Quickly Get The Most Out Of Your Solution
Automated Invoicing Software
In the current climate of increasing costs and pressure to stay competitive, the ability to streamline Business Processes quickly can be key differentiator for organizations. Automating Order To Cash (OTC) operations can offer positive Return on Investment (ROI) and drive incremental growth in financial performance and customersatisfaction.
OTC software provides suite of solutions for streamlining and automating the OTC process, from customer onboarding, product and pricing setup, sales order processing and invoicing, to customer credit management, customer account and payment reconciliation, financial reporting, and more. The technology has become increasingly popular in recent years and companies are using it to drive efficiency and customerservice improvements.
This guide is designed to help provide business decision makers an exhaustive overview of OTC automation solutions, how they enable organizations to efficiently simplify and streamline the OTC process, and how to take full advantage of each products features to capitalize on the ROI potential of automated OTC solutions.
Overview of OTC Automation Solutions
An OTC automation solution offers automation and efficiencies across key stages of the OTC process, streamlining and standardizing the entire process and eliminating manual processing. The majority of solutions offer functionality to automate the process, including:
? Customer onboarding Automate customer onboarding and account set-up, including credit checks and customer profiling, to streamline the process and improve customer experience.
? Pricing and product setup Automate pricing and product set-up for new customers, ensuring that the correct pricing and products are applied to each customer account across range of different customer types.
? Sales order processing Automate sales order processing from customer order receipt through to order fulfillment, ensuring orders are fulfilled accurately and on-time.
? Invoicing Automate the invoicing process from creation to completion and provide customers with electronic invoices in timely manner, eliminating the risk of errors.
? Customer credit management Automate customer credit management to ensure customers are paying on time and overdue invoices are collected promptly.
? Customer account and payment reconciliation Automate customer account and payment reconciliation, eliminating manual processes and reducing the risks associated with manual processing errors.
? Financial reporting Automate financial reporting to ensure all data is up-to-date and accurate and reporting timelines are met.
Benefits of OTC Automation Solutions
Automating the OTC process provides multiple benefits for both customers and enterprises. Customers enjoy smoother, more efficient process with improved customerservice and quicker resolution of customer queries. Enterprises benefit from:
? Increased operational efficiency Automating the OTC process eliminates manual processes, ensuring processes are completed accurately and quickly and freeing up operational resources for more productive tasks.
? Improved customerservice OTC automation solutions provide real-time visibility into customer orders, invoices and payments, helping ensure customer inquiries are addressed quickly and accurately.
? Reduced costs Automating the OTC process reduces costs associated with manual processes and helps ensure tight control of costs across the entire process.
? Improved cash flow Automating accounts receivable process helps ensure payments are received in timely manner and overdue invoices are followed up quickly.
How To Maximize Your Investment in OTC Automation Solutions
To maximize your investment into OTC automation solutions, there are few key steps that must be taken to ensure the technology is used to its full potential.
? Choose the right solution Every organizations needs in terms of OTC automation solutions is different, so it is important to carefully assess and select the right solution for your business. Factors such as pricing, scalability, user-friendliness and integration capability should be taken into account when selecting an OTC automation solution.
? Implement the technology quickly Once the right solution is chosen, it is important to implement the technology quickly to ensure the ROI potential of the solution is fully realized. Make sure the entire process is understood and all stakeholders are on board with the solution and the implementation plan.
? Develop functional workflow systems Developing functional workflows will ensure all stakeholders in the process are reading, processing and responding to customer orders, invoices and payments accurately and quickly.
? Train your staff Invest in training your staff to ensure they are utilizing the technology to its fullest potential.
? Monitor performance Implementing measuring standards to assess performance and ensure objectives are being met.
Conclusion
An automated OTC process can offer significant ROI potential in terms of cost savings, operational efficiencies, customerservice improvements and improved cash flow. Taking advantage of an OTC automation solution requires careful assessment, selection and implementation of the right solution for your business, as well as following best practices for maximizing ROI potential. Adopting an OTC automation solution provides organizations the capability to drive OTC efficiencies quickly and easily, delivering positive impact to the overall financial performance of the business.
