Playbook For Automation Platforms For Streamlined Order To Cash Processes


The primary concern of any executive in the finance department is the effectiveness of their accounts receivable function. Without outsourcing, managing customer orders, invoicing and payments can be time-consuming and leave unwelcome gaps in accounts receivable. By implementing comprehensive automation platform for the order-to-cash (OTC) process, an organization can streamline operations and increase the efficiency of the OTC process.

An automation platform for Order-to-Cash typically integrates with an organizations ERP software, allowing for the automation of order processing across the entire customer lifecycle. This integration allows organizations to track customer orders from order entry, to invoice generation, and payment processing. Additionally, organizations can proactively track customer payments, making sure invoices are paid on time.

The first step in evaluating automation for the OTC process is to identify the current OTC processes. This will allow organizations to identify areas that can benefit from automation and set out the core requirements for successful automation platform. The next step is to evaluate the available automation platforms and select the best option for the organization. The scope of the capability of different platforms can vary dramatically, so it is important to consider the features that are most important to the organization.

When evaluating automation platforms, the first feature to consider is the level of integration with the existing ERP system. Look for model that has direct connection to the ERP system. Enterprise resource planning (ERP) software can collect, organize, and manage the data needed to track orders and secure payment from customers. The connection between the ERP and the automation platform must allow for two-way data exchange, with real-time updates and secure data exchange.

Other important capabilities to consider include automation processes for order entry and invoice generation, robust reporting and analytics, and proactive customer support. With automated order entry, employee productivity is increased as orders are sent faster, with fewer data entry errors. An automated invoice generation system should be able to create and send invoices within minutes of processing an order. With automated reporting and analytics, organizations can quickly act on key performance metrics and stay ahead of customer trends. And robust customer support system can help organizations resolve customer inquiries quickly and efficiently.

Finally, the platform should include features to help organizations create and maintain customer relationships. Automation of customer interactions can be achieved with predefined customer portals and automated customer newsletters. Additionally, automated reminders for customer payments can help organizations stay ahead of customer payment timelines and proactively address customer payment issues.

By researching the features and capabilities of the best automation platforms for the OTC process and integrating it with existing ERP systems, organizations can reduce costs and improve the overall efficiency of their accounts receivable process. Through automated processes, insight into customer trends and timely customer payment reminders, organizations can successfully automate the OTC process, creating rapid order-to-cash cycle for their customers.