Are you still issuing invoices manually? Do you experience delayed payments and invoice delivery due to manual work? Have you checked the extent to which manual work influences your ROI and business growth?
Many people might think that O2C is just a mere collection of business processes fulfilling the process of selling goods and/or services to customers. Instead, O2C significantly influences the success of a company, because the insights it provides about your customers will help you gain a competitive advantage and faster time to market. How can you leverage these insights to improve customer satisfaction and customer acquisition and retention rates? The answer lies in the automation and optimization of the O2C cycle.
Looking from a broad perspective, all of the processes that O2C comprises can be fit into 4 general categories: sales order processing, invoicing, credit management, and cash allocation. All of them are different of course, but what makes them similar is that they all have a lot of processes that are time-consuming, manual, many of them rely on paper documents which means mistakes. In cases when these parts are digitalized and automated, you are looking at a significant business process improvement that increases speed, efficiency, and on the other hand, improved customer retention process and revenue protection. Even you as a customer wants your orders to be processed fast, receive your invoices digitally and have peace of mind regarding safe and secure payment.
During our long years of experience, we have been working with companies, hand by hand to automate and digitalize their O2C processes, retain customers and improve ROI. What are the benefits of automating these four parts of O2C?
|Sales Order Processing||– Faster processing of orders without any manual intervention eliminating the chances for mistakes;|
– No delivery delays;
– Decreased chances for product errors and product returns;
– Significant improvement of customer service by being able to access documents fast and easy;
– Faster sales order processing = faster order2cash cycles = faster payment.
|Invoicing||– Automated and mistake-less process;|
– Chance for the employees to focus on more important tasks;
– Customers receive the invoice immediately after they place the order via their preferred channel;
– No payment delays due to delayed invoice issuing;
– Increased customer satisfaction as customers can access their invoices whenever and wherever they want.
|Credit Management||– No payment delays due to lost invoices as the process is completely automated and digitalized allowing resending and rechecking whenever is needed.|
– Increased customer satisfaction due to doing fast payment.
– Reduction in time and cost as there isn’t any manual work anymore.
|Cash Allocation||– Improved financial control and transparency.|
– Fast identification of unpaid invoices.
– Minimized administrative tasks giving employees more time to focus on other things.
– Fast and easy matching of payments against sales invoicing.
– Eliminated chances for mistakes related to paid/unpaid invoices.
Having in mind all the benefits that an automated, digitalized, and streamlined O2C process has, it is no doubt why many of the companies are turning towards this reality. During our long years of existence, we have been involved in many automation and digitalization projects, and we can say for certain that the benefits are tremendous.
To find out more about our experience in this field, check our Insights page. And if you want to learn more about how our Oreder2Cash solution can turn your Order2Cash process and enterprise into a fast-growing, valuable entity contact us.