11 Oct The Importance of Automating Order-To-Cash
To remain competitive, firms are driving considerable increases in the rate of automation platforms in their finance departments, since classic ERPs are prone to errors because of human processing.
Based on interviews with organizations that have innovative financial automation systems, the advancements that firms are making in this area have allowed them to focus on higher value-added work while simultaneously cutting costs. Businesses may save over 70% of finance operations expenses, have faster turnaround times, and experience less human intervention and errors.
Where Should We Begin Automating Finance Processes?
Order to Cash (O2C): Delivering products and services, as well as receiving payment, makes up the full process of Order-to-Cash.
Order-to-Cash and the balance of your Accounts Receivable affects your company’s finances and can either help or hurt your business. An in-depth grasp of Order-to-Cash and accounts receivable will allow your organization to improve cash flow management, capitalize on time-sensitive opportunities, and retain flexibility within your business.
Order-to-Cash and Accounts Receivable can be simplified, accelerated, and automated by taking advantage of AI powered receivables automation platforms such as HighRadius’ Integrated Receivables Software Platform, the world’s only end-to-end accounts receivable software platform.
The Key Benefits of Finance Automation Include:
- Improved visibility and response time: Audit trail of automated operations
- Reduced costs: According to EY, finance automation can cut data entry costs by up to 70%.
- Reduced manual errors
- Employee satisfaction: Personnel can focus on activities more engaging and valuable to the company.
Why You Should Choose HighRadius’ Integrated Receivables:
- Faster Receivables Conversion due to Connected A/R Processes
- A/R Teams Able to Focus on High-Value Tasks
- 360-Degree Visibility of Global Process Health
Reduce DSO with AI-Predicted Payment Dates
With Collections Cloud, predict when your customer is going to make the next payment. Identify and focus on at-risk customers based on payment date prediction, aging analysis, and promise to pay trends.
- Faster Receivables Recovery with AI-Based Worklist Prioritization
- Automated Dunning via Emails and A/P Portal Integrations
- Real-Time Visibility into Collections Metrics and Collector’s KPIs
- Customize dunning strategies with AI-recommended actions, promise to pay analysis
- Identify your high-risk customers with AI-based customer segmentation
- Predict when you will receive payment to ensure faster recovery
Automated Dunning through Emails and A/P Portal Integrations
- Auto-push invoices to A/P portals
- Get real-time visibility into payment data against open invoices
- Scale-up dunning outreach with automated emails.
- Consolidate customer’s email responses in Collections Cloud to eliminate switching platforms
- Identify skipped invoices faster to prioritize your worklist
Real-Time Visibility into Collections Metrics and Collector’s KPIs
- Get real-time visibility into process health metrics (bad debt, DSO, CEI) for effective collections strategies with A/R collection tracking software
- Access cash projection reports at a customer-level to analyze working capital trends across geographies
- Analyze collections calls, strategies with collection management system to suggest course corrections