Do you have an order-to-cash system? Here are five features it needs
Systems and automation are a smart, cost-effective way to a business. Find out why order-to-cash software can improve your processes, and five features it needs.
A well-oiled order-to-cash process, the process for receiving and processing customer orders, is crucial for any business. And yet, too many businesses struggle to make this process fast, efficient, and error free. And when you add in the addition of new sales channels, new markets and new international focus (with global supply chains), things don’t get any easier.
No surprise then that many businesses turn to order-to-cash software to help them. With the rise of data management tools, cloud capabilities, and sophisticated automation, order-to-cash software has transformed in recent years,and it is now possible for companies to optimise the order-to-cash process while investing less time and fewer resources overall.
Five features of a streamlined order-to-cash solution
So, what does a streamlined solution look like? Here are five of the features it includes.
1) Refined order management capabilities
The goal with order-to-cash software is not just to make things more efficient, it’s also to make them markedly better. The combination of customer relationship management software and enterprise resource planning software allows you to take a data-driven approach to order management without losing the human touch.
You also have the ability to integrate order management software with other adjacent departments like manufacturing, inventory, shipping, and accounting. So the minute an order is placed, every stakeholder is aware of it.
2) Powerful invoice automation
Processing invoices and ensuring each one is complete and correct requires a great deal of time and effort, and human error isn’t uncommon. Sophisticated order-to-cash software automates more of the invoicing process, so that orders immediately translate into actions.
Everyone who needs a copy of an invoice receives one as soon as an order is placed, too. This helps to expedite payments and build transparency into the payment process.
3) In-depth monitoring
The right tools may be able to streamline your order-to-cash process, but they cannot run it on autopilot. Whenever a payment is late or inaccurate it requires action on the part of the part of the invoicer.
A quality ERP (enterprise resource planning) allows you to track and manage late payments so that your response is firm but fair. This process also produces data that can be analysed to improve relationships with customers over the long term.
4) Next-generation expectations
Many legacy order-to-cash software systems are outdated, under-powered, hard to support, and risky when it comes to data security. In short, they are more of a liability than a tool.
Deciding to scrap these systems entirely in favor of a solution designed for the needs of today and tomorrow is quickly becoming a priority. It won’t be long before legacy systems become impossible to rely on.
5) Enhanced reporting and cash application
The order-to-cash process doesn’t end once payment is made; it goes a step further to redirect that payment and to add the data to a payment report. This step is crucial even for small companies with a limited number of customers. A streamlined approach to order to cash will automate more of the cash application process while making automatic reporting a possibility.
The irony of adopting a new approach to order to cash is that the improvements you make will likely create disruptions as well. Any change in workflows inevitably invites confusion, skepticism, and backlash from the user base.
Choose the right order-to-cash software for your business
If you want to get the most from a streamlined order-to-case process, you need to pick the right solution for your business. Best-in-class software puts intuitive and exciting tools at your disposal without requiring you to reinvent the wheel. So make sure you research your choice carefully, and choose a system that has the functionality you need.