Risks Of Not Utilizing Software For Automating Order-To-Cash
AUTOMATING ORDER-TO-CASH WITH RPA AND AI
The time-consuming process of completing diverse yet interlinked tasks pertinent to order-to-cash cycles can severely impede operational effectiveness. This process includes activities such as order fulfillment, invoice processing, collections, reconciliations and payments. For financial executives looking to maximize the efficiency of their workflow, viable solution is to leverage automation technologies such as Robotic Process Automation (RPA) and Artificial Intelligence (AI).
Backed by the correct technology, companies can benefit from streamlined order-to-cash processes. Such systems can not only help to improve and speed up current operations, but also provide managers with insights into how to make situations more efficient. As consequence, the financial segregation of duties can be maximized and straight-through processing policy can be enabled which ultimately reduces the risk of fraud.
Nevertheless, the failure to capitalize on the implemented technologies will be detrimental to the organization. For example, the lack of RPA means that manual work still needs to be conducted, leading to an increase number of errors while carrying out mundane tasks. Additionally, the lack of AI technology leaves the company vulnerable to fraud attempts by various types of malicious actors. Without automated cognitive intelligence running in the background, the businesses cybersecurity defenses will be seriously weakened and data protection will suffer.
Furthermore, the non-utilization of software implementation may lead to the inefficiencies of resource-based processes. For instance, time-consuming data entry operations will inevitably consume considerable amounts of time because manual inputs are slower than software based automation. The result is an underperforming order-to-cash cycle which can degreaduate the customer experience and lead to potential risks such as late invoices and penalty fees.
In conclusion, when properly utilized, automated order-to-cash software utilizing RPA and AI technology can make significant difference in the effectiveness and speed of the order-to-cash process. The cost and resource efficiencies, coupled with the improved data security and protection, can ultimately lead to confident financial management of liabilities. For executives looking to maximize value and efficiency in the order-to-cash cycle, the risks of failing to utilize the capabilities of software should be carefully considered.
