Your order to cash cycle is something you’ve recently realized is too complicated lately due to continual dependence on paper-based systems. We’ve recently written about the struggles related to O2C cycles when using manual processes. Much of the latter results in too much paper reliance, as well as manual data entry from the sales order to accounts receivable.
All of this is a huge risk when dealing with hundreds or thousands of clients orders. Just one mistake could end up violating regulations or putting your reputation on the line.
Order entry or billing system errors could also increase downtime in trying to find a paper trail. Since your paper-based systems may scatter data in different places, it’s going to become a challenge tracking down everything you need to amend an error.
Reducing Operational Costs
Have you thought about how much you spend on paper alone if still using a paper-based system? Many reports say it costs $20 just to file a document in an aging file folder or cabinet. Costs magnify further for a misfiled document, or to recreate the lost file.
These numbers don’t include supplying paper for your company, which involves constant storage and replacement throughout the year.
Why bury yourself like this? You have the ability to digitize documents, plus automate accounts receivable and collections management.
Changing over to a new method isn’t going to drain time when using the right automation software. Once you start using automated features, you’ll see how far it goes in reducing stress for your office staff.
Freeing Up Staff Time
One stress your staff probably cites is not having enough time for more valuable tasks. Doing document processing manually doesn’t help. It may even involve having to work nights (and emptying the coffee machine) just to get things done.
You shouldn’t add layers of burden on your staff when they have enough on their minds. Automation helps process documents without them entering it manually or finding a place for physical storage.
Staff can finally free up their time to take care of other tasks to keep your business successful. They’ll also have more control over their jobs when needing to find information in a hurry.
More Transparency for Budgetary Insight
With automation processes storing all your documentation in one place, you’ll be able to archive this information easily. When you need complete transparency on a particular document or transaction, you’ll have details available to assure accuracy. As such, you’ll catch discrepancies before they spread like a virus.
Clients might call you about a particular transaction with demands to know the details. Automation places everyone on the same page so there aren’t any arguments. On a management level, this streamlines how everyone in your company accesses information for more clarity.
Providing Analytics for More O2C Transparency
Through the order processing cycle, you want more than just extracting and archiving capability. An automation program brings analytics and an audit trail so you scope out information in real-time.
With access to this 24/7, you’ll know exactly what’s going on with each order, including the status. Using analytics is imperative to help you determine what’s working well to tweak things for future order processing.
Adding a Customer Portal
Since your business should always place the customer first, an automated customer portal lets them take more control of their orders. Since automation already allows you to send payment reminders to them, adding a portal lets them find a place to make payments.
While there, they’ll have access to automated invoice data, credits, or supporting documents. Don’t forget to let them ask questions in the portal to avoid any confusion. Just be sure to answer as quickly as possible.
Check out this resource to help your business be proactive about finding a solution that’s efficient and scalable. This white paper is designed to assist Customer Service Managers, Finance professionals, Executive Managers, Business Analysts and IT professional in the mid-market that can no longer afford to not do anything about their growing manual processes and the challenges that they create.