Maximizing Operational Performance Through Intelligent Order To Cash Software
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The relentless pressure to reduce overhead expenditures while keeping up with customer order demand requires organisations to do more with less. It also requires investments made in simple automation tools that streamline everyday manual tasks to free up staff time and boost environmental performance.
Intelligent Order to Cash (OTC) software can help organisations to reduce time-consuming manual work through automating and streamlining processes, engage customers more effectively and proactively and reduce costs associated with collection cycles and disputes.
OTC software equips finance executives with an effective tool for sitting on top of current and past customer account balances in order to monitor customer payment activities and make timely and prompt decisions to effectively manage the accounts. By improving and enriching credit assessment processes, OTC software can help lower early payment discounts thereby contributing to higher returns.
Visibility is further enhanced with OTC software, allowing finance executives to gain real-time insights into accounts receivable (AR) and accounts payable (AP) by quickly identifying customers with payment delinquencies and outstanding invoices. This valuable information can be used to facilitate proactive interactions with customers and help identify accounts that require follow-up activities.
With the ability to process and store large amounts of data, OTC software provides an efficient way of forecasting collection and payment reserve requirements based on payment patterns. This ensures smooth operations and helps the finance team to properly manage cash-flow and increase the working capital of the organisation. What’s more, OTC software provides customers with secure and robust online payment methods, thus simplifying the payment collection process and helping to automate cash receipting and ledger entries for faster reconciliation of accounts.
Overall, OTC software can be leveraged in variety of ways by finance executives to improve operational performance by reducing manual workflows, automating and streamlining processes, reducing disputes, providing visibility into customer accounts, and providing secure and efficient payment methods. As such, it can be great tool to help organisations meet the associated challenges of competitive markets and uncertain economies.
