Maximizing Your Automation Accuracy In Order To Cash APplications
Ar Automation Accuracy
The age of digital transformation has created an exciting opportunity to maximize efficiency and accuracy in Order to Cash (O2C) operations. Automation and robotic process automation (RPA) are promising to deliver cost savings, improved compliance, and greater data governance at unprecedented levels. Delivering on this promise requires careful thought and consideration in both the setting up and the running of an RPA solution. Read on to get started on the path towards an optimal solution.
A. Understand O2C Processes
The first step in setting up an automation solution is to become familiar with the Order to Cash process. Understand the sequence of steps that leads to the invoicing of customers and payment collection. This includes which departments and personnel are needed for each step and, on occasion, even the third parties involved. Knowing the interconnections between all participants in the O2C process provides good starting point for automating it.
B. Identify Opportunities for Automation
Once thorough understanding of the O2C process has been established, the next step is to identify specific tasks that can be automated. When choosing tasks to automate, focus on those that have to be handled manually most often. Also consider the time it takes to complete said tasks. Automation solutions are best suited for tasks that are repeated regularly or prioritized because they are time consuming or require advanced knowledge or expertise.
C. Analyze Existing Applications
Automation solutions need to interact with existing applications. Closely analyzing O2C measurements and optimizing them should be done before automation is implemented. This means ensuring that existing applications are capable of managing the process in general, and the automation solution in particular. Proper analysis is even more important if there are existing integrations between the applications. This can help with potential conflicts.
D. Design Workflows
To efficiently complete the desired tasks with an automation solution, workflow design is paramount. First chart out the desired automation process and then design the workflow to automate it. Clearly define in detail each of the steps, instructions and time frames. As part of this design process, consider again the applications that will need to be integrated. Additionally, plan for data validation and testing during the design process to ensure mistakes do not occur.
E. Select Automation Software
Once the desired process to automate and workflow are defined, the next step is to select the automation solution to complete it. key factor to consider is how easy it is to set up the relevant integrations with existing applications. Additionally, the specialitization of the software in the O2C process is critical. Finally, look at the maintenance requirements of the software in the long run. Taking the time to research wide range of solutions will pay off in the future.
F. Implement the Automation
Now it is time to actually implement the automation. This includes setting up the integrations as planned, developing scripts for the automated tasks and validating the solution. Additionally, ensure the tasks are completed in accordance with the layout described in the workflow.
G. Monitor and Improve
As in any technology, continuous improvement is needed to ensure accuracy and efficiency are optimized. This means regularly inspecting the automation processes and making changes, where needed. Also, take advantage of the analytics data that is generated by the automation solution to learn and improve the process.
H. Back-Up
Finally, any successful automation solution needs reliable back-up option that can be activated in an emergency or during maintenance. Consider what type of data are necessary, who should have access to them, and how they can be easily secured.
By following this guide and taking the time to research and implement reliable automation solution for O2C operations, organizations can maximize accuracy and efficiency, improve compliance and governance, reduce costs, and gain competitive advantage.
