Order to cash (OTC or O2C) is a set of business processes that involve receiving and fulfilling customer requests for goods or services.
Power your operations with an Intelligent Automation powered gated approach
Automating the Order to Cash (O2C) operations allow tapping all the orders received through different channels in real-time and routing them for processing. Less human dependence in order management allows businesses to successfully participate in a value chain. An automated and gated approach allows businesses to prioritize orders,
evaluate the creditworthiness of customers, assess other criteria for building successful cash flows and develop long term business relationships.
Intelligent Automation powered O2C Automation Gates
The Intelligent Automation strategy ensures integrations across all systems and multiple touch-points in the O2C Automation scenario –
- Order Management: This gate integrates the enterprise CRM and order management system and taps all the orders in real-time. It eliminates all the delays and inconsistencies associated with manual processing.
- Credit Management: This gate analyses the credit standing of each customer through their payment history and public sites. It enables the business to assess each order prior to accepting, prioritizing, and processing it.
- Order Fulfilment: This gate routes the prioritized orders for fulfilment. The department assembles the order in a just-in-time environment and fulfils it as per the agreement. It keys in the remarks about the order fulfilment after which the order proceeds for invoice generation.
- Invoicing: This gate picks up the details from the digital orders, the remarks entered by the fulfilment department, and creates the invoice. It then generates a digital invoice and sends it to the customer through a digital platform.
- Payment Receiving: This gate has an integrated customer portal that triggers the invoice and also has the capability of receiving the digital payment. It eliminates the operational overheads for the business and customer in a mutually beneficial approach.
- Cash Application: It springs into action on receiving the customer payment and reconciles the data with the order related records in a speedy environment. It allows the business to eliminate error-prone processes and automate the entire operation.
- Periodic Reporting: It allows businesses to monitor the entire process with the help of standard and DIY reports in real-time. It allows them to generate actionable insights and streamline the O2C Automation process.
Simply put
The integrated O2C Automation platform offers a fool-proof tracking system right from order receiving to cash flow generation. It eliminates all the bottlenecks related to manual processing as well as streamlines and speeds up the entire O2C process.
Source: Free Guest Posting Articles from ArticlesFactory.com