Automating the Order-to-Cash process
One of the most significant changes in O2C is the amount of data that is now being generated at each stage of the process. Finance teams are overwhelmed by the number of data points they need to analyse to make decisions on credit management, collection and payment. By automating your order-to-cash process, you can gain a wealth of benefits including competitive advantage, optimized working capital and enhanced team efficiency.
Contents
- The changing role of finance and CFO challenges today
- The challenges of order-to-cash (O2C)
- The benefits of automating O2C
- Automating O2C: Where to start
The changing role of finance and CFO challenges today
The role of the CFO and finance department has been evolving and increasing in scope for many years now. It’s no longer just about traditional finance areas such as controlling budgets, keeping the books, reducing risk and reporting.
In fact, McKinsey’s most recent global CFO survey found that in the two years since its previous report, the number of functions reporting to CFOs has risen from 4.5 to an average of 6.2. And the biggest increases were around board engagement and digitisation – including automation, cloud, data visualisation and advanced analytics.
Order-to-Cash has largely been neglected as a target for process improvement and new technology investment.
For many organisations, the Order-to-Cash process remains highly inefficient and hard to monitor which results in higher risk, more bad debt and less working capital. How does the modern-day CFO deal with cash flow challenges and ensure cash is collected at a faster pace?
This guide outlines how to automate the Order-to-Cash process to reduce the manual burden and enable organisations to increase innovation, visibility and control in this important area of finance.
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