Evaluating Risk In Opting Out Of Order To Cash Automation
Ar Automation Paper
As the world evolves and technology advances, the concept of automation is becoming increasingly essential in the businessphere. Companies that commit to investing in and leveraging automation technology, particularly in their order-to-cash (OTC) processes, have the potential to witness improved processes and tangible cost-savings.
Yet, as with any investment, there is always degree of risk when deciding to automate core processes. For finance executives, accurately and realistically assessing the value of this risk is paramount when considering whether to select software for OTC automation. For example, when deciding between OTC automation solutions, an organization ought to weigh the cost of adopting software against the risk of not having one at all. Let us explore further.
business are able to think beyond manual entry and administration of process-oriented activities and instead, enable software to streamline their OTC through automation. This shift to automation is not only valuable, but can also formulate competitive edge in todays market. Through automation, companies can vastly reduce administration efforts, eliminating the tedious task of manual data entry. This reduces the chance of duplication and errors, allowing finance executives to become more efficient and support their shareholders.
The above has become even more pertinent in recent months, as the difficulties posed by the global pandemic have resulted in increased workloads for OTC departments. Consequently, it is of extreme importance to ensure that departments have access to the best tools to work most effectively. In other words, failing to invest in software for OTC automation may drastically affect companies bottom line.
Moreover, for departments more specifically, the difference between manual OTC systems and those that benefit from automation can be life-changing. By leveraging automated software later on in the process, finance teams are able to quickly identify discrepancies that before had to be manually vetted from inaccurate, time-consuming entries.
It is no surprise then, that business that invest heavily in automation tools will typically have greater visibility across their OTC operations, enabling leaders to remain informed of the companies financials and offering invaluable intelligence when it comes to decision-making.
Therefore, when considering the cost of obtaining software for order-to-cash processes, leaders must evaluate their risk of not adopting such, too. Fewer errors, streamlined processes, increased customersatisfaction and boosted productivity are, after all, some of the fundamental wins that can be realized by investing in OTC automation software.
Without doubt, by seriously evaluating the risk of foregoing OTC precise automation, leaders can more effectively choose software that best meets their organizations needs. In doing so, leaders can take advantage of the opportunities for process improvement and cost-savings that can be achieved through carefully choosing the right OTC automation solution.
