The Risk Of Not Utilizing Order To Cash Automation Software
ARAUTOMATION.COM
Manual data entry and the processing of mundane paperwork are unavoidable realities of the order to cash process in many organizations. But this reliance on manual effort and dated systems can lead to potentially significant problems in the areas of cost, accuracy, and compliance. CFOs and other finance executives must consider the potential financial implications of failing to implement automated order to cash software.
The omission of order to cash automation software can have dire consequences for CFOs and their companies. Foremost, there is monetary risk in terms of personnel expenditure. Human resources can be wasted because order-to-cash workloads can be much heavier than necessary when manual data entry is required. businesses will incur increased costs for employing personnel to perform these repetitive tasks and processes when the same work could be accomplished digitally at fraction of the cost.
In addition to cost considerations, lack of automation can also create inaccuracies in data that can lead to significant impact on operations. Errors due to manual entry of data, or even single typo, can disrupt or delay shipments and negatively impact customer service, not to mention the adverse effect this can have on profits and profitability. Companies must have visibility into their order-to-cash process, and automation software provides this all-important oversight.
Not only can manual system be costly and less accurate, the potential repercussions of failing to comply with applicable laws and regulations can be especially devastating. While most organizations hire personnel to be aware of such regulations and implications, manual data entry can lead to decreased vigilance and omissions. Automated software, however, can perform rule checking regarding regulations, thereby reducing the potential risk exposure to businesses.
Furthermore, the speed and accuracy of automated systems can lead to an increased number of transactions, in part because technology can process orders much faster than manual data entry. Automation can provide financial executives with improved cost management and insights into current order-to-cash workflow processes, both of which can lead to improved customer service and better business decisions.
Thus, the risk of forgoing order to cash automation software is one many CFOs cannot afford to take. An automated system can lead to greater accuracy and speed, compliance with applicable regulations, mitigation of business risk, and costs savings for personnel not only in dollars, but also in efficiency. For these reasons, it is essential that companies considering the implementation of automated order to cash software to ensure businessesuccess.
