O2C Automation for sustainable Order Management
by Navin Gupta, on Feb 8, 2022 8:46:28 PM
Estimated reading time: 2.5 mins
Omni-channel order management is imperative for sustaining business operations. However, having multiple channels for receiving orders and processing them becomes tedious if handled manually. Orders and the corresponding cash receivables are required to be continuously monitored. Oversight, in either case, affects the enterprise cash flows. Manual order processing and receivables tracking result in errors and delayed realization of cash in the account. It also results in sagging cash flows, irregular closures, and increased operational costs. If left unattended, the risk exposure spirals upwards.
Why is O2C Automation imperative in today’s business scenario?
Most manufacturing outfits have bio-bubbles in place to take care of unfaltering production. However, omnichannel order management, which involves incoming data in an unstructured format, and receivables management has to be equally responsive and impeccable for sustaining the business. Order to Cash Automation powered by Intelligent Automation paves the way for capturing every incoming order received through multiple channels, routes the orders for processing and fulfillment, raises invoices, and tracks the status of the orders till cash is received in the enterprise account. O2C Automation improves the transparency and visibility of the entire O2C process. It allows real-time monitoring with intuitive and interactive dashboards, which allow drilling up and across till the last record.
O2C Automation and its Benefits
Automation is no longer a “nice to have”. It is “a must-have”. It brings in major benefits and –
- Accelerates the process from order capture to fulfillment to receiving the payment.
- Ensures that each and every order is fulfilled in the omnichannel order management setup.
- Assists human operators, allows remote monitoring and supports remote order management.
- Automates the end-to-end O2C process, eliminates errors & rework, reduces latency, streamlines the process, and improves straight-through processing or STP.
- Improves the efficiency across the O2C process and improves enterprise productivity.
- Optimizes operational costs across the order fulfillment journey, supports cash flow management, and offers real-time data visibility for business plan creation.
O2C use cases for sustainable Order ManagementOrder Management has many intermittent steps that require the processing of unstructured data. Most businesses use ERP systems to fulfill orders, track and manage orders. However, these systems cannot process unstructured data. As a result, the O2C process has to be executed by huge teams for repetitive data entry of unstructured data that results in unnecessary swivel chair operations. O2C automation powered by Intelligent Automation empowers businesses to manage these processes in an end-to-end manner. Some of the important use cases in O2C automation are –
- Customer Master Data Management – Create and maintain detailed records right from the quote to cash, including historical records, current transactions, credit score, the credit availed, payment history, etc.
- Order Management – Create a catchment area to tap orders received from different channels, convert to sales orders, trigger to production and assembly lines, track fulfillment, track supplies, and production inventories, manage supply chains/value chains, etc.
- Invoicing – Create invoices for products sold, services rendered, integrate with customers’ digital platforms, etc.
- Accounts Receivables – Track the receivables for all orders and services delivered by the enterprises across all locations.
- DSO tracking – Maintain a minimum DSO or days sales outstanding or outstanding for customers through risk profiling, tracking credit history, retaining surety collaterals, monitoring payment regularity, sending reminders, and mortgage.
- Reporting – Monitor the end-to-end O2C process with DIY or self-help reports.
O2C Automation allows enterprises to monitor and control the end-to-end order management space. It reduces operational costs and allows timely book closures. It improves speed and productivity as well as improves stakeholder engagement at the same time.