Revolutionizing Order to Cash: The Power of Intelligent Process Automation
Introduction
The Order-to-Cash process is an important area of business operations. It is a multi-departmental, multi-step, and multi-system process that requires both speed and accuracy. These characteristics make it a more complex automation, but the outcome is highly profitable when applied correctly. Customers are getting a lot of value after automating the O2C process.
Order to Cash
- Receive the order from customers via email or portal.
- Update orders in the ERP system
- Order validation
- Order creation
- Order fulfillment and Shipment
- Generate invoices and request payment from the customer.
- Record the payment received from the customer.
- Update inventory which will reflect fulfilled orders.
- Maintain the customer’s order data for future reference
Challenges in Order to Cash:
- Manual work
- Accuracy and Speed
- Overhead fees
- Payment lead time
- Security concerns
- Lack of data analytics
- Interdepartmental Bottlenecks
- Dissatisfied customers
Value Addition with Intelligent Process Automation
- End-to-end automation with all integrated systems
- Interdepartmental Collaboration
- Cost Reduction
- Efficiency and Speed
- Data Accuracy and Consistency
- Enhanced Collaboration
Key areas to automate in the Order-to-Cash process
RPA can assist account receivables and order fulfillment staff in handling each manual task, It will directly lead to eliminating all human errors and freeing them up teams’ time and minds to concentrate on crucial business tasks. Many drawbacks such as inconsistent data and documents, process inefficiencies, payment overdue, duplicates, and reactive fixes of discounts get eliminated using automated Bots. RPA helps deploy user interfaces that replace multiple screens, ensuring OTC accuracy and imposing standards throughout the business process. Also, AI-enabled chatbots communicate with customers to get their queries resolved on minor and daily issues like the order status, reasons for delivery delays, etc. in real-time
How STEP can Help?
As the challenges and processes for O2C are similar for all industries, STEP has created Scalable and Robust Intelligent Automation solutions that consist of a framework and reusable ready-to-use components that are easily customizable to your specific business needs. These solutions’ reusability will help to reduce development time intensely by up to 60% and get your automation running more faster delivering ROI and value within a few weeks of time. We have proven that for our clients which leads to overall higher customer satisfaction.
