Order to cash automation can help you increase productivity, reduce your fulfillment times, and improve your cash flow. You can process orders more accurately and quickly, speed up fulfillment and improve cash flow to reinvest back into your business. With a more efficient O2C cycle, you’re better positioned to turn your orders into cash – which translates to steady, sustainable growth.
IBM Institute for Business Valuefound that an improved order-to-cash process 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 valuable 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:
Automation of manual data entry 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.
At IntelliChief, we make the digital transformation easy. Our experts can help you simplify even the most time-consuming tasks – like manually entering order details into your ERP, eliminating data entry errors in the process. With comprehensive, end-to-end solutions for O2C automation, we can help you improve your entire process of receiving, validating and entering orders into your ERP through invoicing and cash collections.
Collecting and processing your orders is the first step in the order-to-cash cycle. It’s also one of the most challenging because of its reliance on manual data entry.
Your customers can purchase your products in a variety of ways. Some may email or fax over order forms, while others provide PO’s via email, EDI, mail or fax. Some customers even accept orders over 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 orders to get lost. 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, validate, route, approve and enter an order in seconds. Your incoming orders are automatically validated, converted to sales orders after approvals are completed, and the details are robotically and accurately imported into your ERP. You don’t have to worry about humans making mistakes or monitoring for receipt of orders. – it’s automatically monitored and handled by IntelliChief. The more orders you process, the more time you’ll save.
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 approved for fulfillment. 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 in processing an order. Forms/PO’s 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 member that’s part of the order approval process can start working right away – reducing your fulfillment time and increasing customer satisfaction. And if one team needs help, another team member can access their order data in real time. This makes it easier to meet each deadline throughout your order-to-cash process.
Because IntelliChief captures each order instantaneously, orders are never lost or misplaced. As each order moves through the fulfillment process, IntelliChief provides full management visibility to where it stands in the order entry process and lets you keep your customers in the loop too. Our automation software lets you automatically issue notifications throughout the process including order acknowledgment, order processing status , shipping/delivery and invoicing notifications. (Each new document is automatically saved to a searchable archive which can be easily accessible from a familiar ERP screen.)
If a customer reaches out to a customer service representative for an update, the representative 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 management of the order entry process.
Because orders can be processed more accurately and speedy with sales order entry automation, corresponding customer invoices are sent more quickly, reducing your DSO.
IntelliChief O2C solutions work in conjunction with your ERP to generate and send customer invoices, using the information you already have saved in your ERP. 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 and details you’d need to create that invoice manually. IntelliChief takes care of it all – you just fulfill the order and IntelliChief takes care of the rest including booking and posting the received payment.
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 ERP, IntelliChief lets you keep working the way you always have – only faster, more efficiently and without mistakes.
To learn more order-to-cash automation, contact us or request a custom demo of our automation solutions.
Request a customized demo to see how IntelliChief addresses your organization’s most pressing challenges. Simply provide some preliminary information about your project and our experts will handle the rest.
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