Why Automate O2C?
IBM Institute for Business Value found that an improved order to cash process flow can improve a company’s performance by up to 83 percent. That means employees can complete more work, more quickly, and spend the rest of their time on other projects. The same study also found that O2C automation could improve a company’s end-to-end cycle time by up to 60 percent.
Some of the strategies used to improve order to cash include:
- Using automation to help with data management
- Using the percentage of customers that paid their invoices on time as a KPI
- Evaluating new accounts for credit quality
- Enforcing credit limits
- Sharing write-offs with the credit function
Data automation had the widest-ranging impact across every step of the order to cash cycle. A comprehensive automation strategy can impact everything from managing sales orders to invoicing customers and collecting payment. Companies that automated their O2C workflows also spent fewer resources also had to allocate fewer resources to low-value tasks:
Software Solutions for Order to Cash Automation
At IntelliChief, we make the digital transformation easy. Our experts can help you simplify even the most time-consuming tasks – like order processing and invoicing. With comprehensive, end-to-end solutions for order to cash automation, we can help you improve your entire O2C cycle.
Speed Up Your Order Processing Times with Sales Order Automation
Collecting and processing your order forms is the first step in the order to cash cycle. It’s also one of the most challenging.
Your customers can purchase your products in a variety of ways. Some may email or fax over order forms, while others call in requests on the phone. If your employees aren’t actively monitoring every channel – all the time – it’s easy for requests to fall through the cracks. And when you’re dealing with a high volume of transactions? It can be hard to find the resources to process hundreds or thousands of sales orders as soon as they arrive.
With IntelliChief’s automated order processing solutions, you can collect, sort, and route your paperwork in seconds. Your incoming purchase orders are automatically converted to sales orders, and the details are imported into your ERP. You don’t have to continually update information across your different business systems. The more orders you process, the more time you’ll save.
See how our order to cash solutions helped Sperian Protection – a subsidiary of Honeywell – create a better strategy for managing their faxed and emailed purchase orders.
Streamline Collaboration with Automatic Order Routing
The next step of the order to cash cycle – getting internal sign-offs on each transaction – involves even more behind-the-scenes work. You may need to pass an order to Credit, Engineering, Finance, Quality Assurance, or Logistics before it’s ultimately filled. Of course, this depends on the size of the order, whether there are any special requests, and whether you’ve worked with the customer in the past.
Emailing documents back and forth (or worse: hand-delivering them), can waste valuable time. Forms can get lost or misplaced, and customers can get frustrated waiting for their products.
Order to cash automation lets you get your documents where they need to go, without delay. Each team can start working right away – reducing your lead time and increasing customer satisfaction. And if one team needs help, another time can access their order data in real time. This makes it easier to meet each deadline throughout your order to cash process.
Improve Communication with Order Status Updates
As you move each order through to fulfillment, IntelliChief lets you keep your customers in the loop. Our software lets you automatically issue receipt, shipping, and delivery notifications. (Each new document is automatically saved to a searchable archive.)
If a customer reaches out to a representative for an update? They can provide an immediate answer. Your team can review the customer’s contracts, quotes, sales and purchase orders, shipping documents, and invoices, all from one convenient platform. More visibility means better order management.
Get Paid More Quickly by Automatically Invoicing Customers
As you process and ship each order, IntelliChief lets you get the corresponding customer invoice in the mail right away. (This is one of the simplest, most reliable ways to reduce your DSO.)
Our O2C solutions let you automatically generate customer invoices, using the information you already have saved in your order management system. You don’t have to worry about manual mistakes, like forgetting to apply a discount or entering an outdated billing address. And, you don’t have to waste time searching for the documents you’d need to create that invoice manually. Everything is done for you; you just send out the bill and post the payment once it’s received.
Transform Your Business with IntelliChief’s Order to Cash Automation Software
It’s time to start working smarter – and IntelliChief is here to help. Our experts can recommend ways to improve on your existing order to cash cycle, without abandoning the workflows you already have in place. With solutions that integrate with your existing order management system, IntelliChief lets you keep working the way you always have – only faster and more efficiently.
To learn more order to cash automation, contact us or request a custom demo of our solutions.