The series of steps and actions taken from placing an order for a product until the payment is cleared is known as the order-to-cash function or process. Companies that don’t have a website, also have developed O2C systems that are dependent on Instagram and WhatsApp. Through influencer and social media adverts, companies can showcase their products.
Interested customers will connect through WhatsApp and order whatever they like. Often, merchants create a link and share it with customers. A customer pays for the order, and it is further processed to be packed and delivered. Established business owners use social media marketing in conjunction with their websites and marketplaces like Amazon.
Order-to-Cash (O2C) Software makes the entire process simple and seamless for a large number of orders. The data integration with existing software and related ledgers helps in reducing duplicate orders, canceling orders for unavailable products, and processing returns inward refunds. With real-time data changes, actionable decisions are made that give an edge to the business.
For instance, if a consumer is looking for a brown suede jacket of a certain brand, and it is not available, the insights help cross-sell other brown and suede jackets. With wider choices, consumers will change their minds and buy what is available.
With the rise in internet connectivity, e-commerce is expanding its horizon and bandwidth to virgin markets. More local players are trying to reach out to their communities and need to traverse the path of digital transformation. The expectations of consumers will change dynamically, and few will resolve to come back for quality and ease of business.
An organization with exceptional wares and products and an O2C system that lags will soon lose the consumer’s interest. Diluted curiosity cannot harness the desired output. One has to sense, learn on the job, respond, and evolve to offer positive direction in every parameter of business. Product suites are equipped to carry out different business process automation that empowers businesses with intelligence tools for better analytical decisions. Here are steps to automate O2C for businesses looking forward to joining the force:
Outline Current Assessment
The current O2C process steps should be identified. The process requirements should be shared with the software service provider. Integrating every step and improving the process with detailed explanations to assist in transition, training, and change management, will help tide over the initial hiccups that can be expected during the implementation of automation.
Highlighting the steps that need extra scrutiny, like rechecking with stock-ledger for availability of products, and integrating with payment gateways for smooth processing through multiple options, are some examples in O2C, that require double-checking
Integrate, Backtest, Phased Roll-out
Any software change should integrate with the current enterprise version. Moving everything to a different platform from scratch is not a cost-effective method of tech implementation. Backtest the process stepwise for anomalies and errors that need to be rectified before going live. Plan a phased roll-out for a smooth automated pilot.
Conclusion
Automation of critical processes will help organizations scale heights that they did not even imagine a few months back. The expected growth is not just exponential but even sustainable.