Use Of Robotics For Cash APplication Accuracy
CASH APPLICATION ACCURACY USING ROBOTICS
Robotics is technology that enables machines to successfully emulate human physical and mental capabilities to expedite and optimize digital processes. The use of robotics in the order-to-cash process has drastically improved cash application accuracy and shortened the time taken to complete these processes. This article will present an in-depth guide to the use of robotics for cash application accuracy.
The order-to-cash process involves extended collaboration between the customer, seller, delivery companies and payment providers. This collaboration often results in customer payments being misdirected and/or delayed, leading to customer disputes,long delays in account reconciliation, and eventually, customer dissatisfaction. To avoid this situation, automation technologies such as robotics need to be adapted.
A detailed framework should be established to ensure good cash application accuracy. This framework should begin with the identification of the end goal of cash application. The desired outcome should align with the company objectives and underlying rules so that automation can be channelsed towards these goals with maximum efficiency. The framework should also provide details document of the automation processes and necessary adjustments that need to be made if unexpected results occur. If necessary, it is also beneficial to implement automated rules and regulations to ensure compliance.
Once framework is in place, the actual implementation of robotics for cash application should begin. Robotics should be incorporated into the order-to-cash process to facilitate efficient payment netting and cash application. The automation of these processes will reduce the time taken to reconcile account balances, eliminate manual errors and improve data accuracy. Robotics can also be used to integrate customer payments directly into the companies ERP (Enterprise Resource Planning) system without any manual intervention. The time and effort saved by these automated processes can be used to focus on other tasks related to the order-to-cash cycle.
In terms of actual implementation, it is important to ensure the chosen robotics technology can meet the order-to-cash process standards. Robotic process automation software, such as UiPath, should be installed once the system integration of robotics is complete. The robot should be trained to handle distinct payment scenarios such as customer payments, credits and refunds. After completion of the training, the robot can be activated and evaluated before being finalized and officially deployed.
Robots trained for cash application accuracy can automate the pre-summary stage of the order-to-cash cycle. Robotics can automatically verify electronic payment details and perform accurate payments and refunds processing. Robotics can also be used to scan through customer and supplier records to annotate data and track documents in order to prevent any discrepancies in payments and invoices.
In summary, robotics is useful technology to improve cash application accuracy and reduce the time taken to complete order-to-cash processes. Robotics should be incorporated into the order-to-cash process to facilitate efficient netting and cash application. detailed framework should be established for deploying robotics, with the goal of aligning with company objectives and rules. Once this is done, the robotics technology should be installed and trained before the robot is activated and evaluated. Once the robot is operational, it can automate the pre-summary stage of the order-to-cash cycle to verify payments and refunds, and scan customer and supplier records to annotate data. By implementing these processes and rules, companies can enjoy improved cash application accuracy, elimination of manual errors, increased data accuracy, and shorter order-to-cash cycles.
