Optimizing Order-To-Cash Processes With Automation
AR AUTOMATION SOLUTION FORRESTER
For finance executives seeking to streamline the complicated order-to-cash processes, software automation solutions provide viable option. With comprehensive automation strategy, functions like accounts receivable (AR) activities, invoicing, collections, dispute management, and cash application can be automated with substantial efficiency gains.
A complete automation workflow will significantly reduce the number of human touchpoints in the order-to-cash process and elevate systems accuracy. This is particularly helpful when managing orders with large amounts of invoices and transactions. Automation solutions provide the capability to configure pre-built process components, allow for integration of new applications, and batch processing of invoices and orders. With reduced manual tasks and improved accuracy of data, there’s significant opportunity for cost savings.
Organizations looking for operational efficiencies should leverage solutions that leverage Artificial Intelligence (AI). AI-based systems are able to quickly read and interpret documents, automatically indexing and coding data for faster processing, eliminating data entry errors and reducing manual activities. An AI-based system should also be configurable to an organizations existing back-end systems and should easily integrate out-of-the-box optimizing systems interoperability.
When selecting software automation solution for the order-to-cash process finance executives should consider those developed following Forrester’s Advice on Selecting Software Automation Solution. Forrester recommends solutions that are intuitive, extensible, and secure. Furthermore, finance executives should look for solutions that include analytics so they can quickly assess performance. These solutions should provide guidance to improve processes and also should easily adjust as needed when policies, products, and processes change.
In conclusion, in order to optimize the order-to-cash process, finance executives should consider automating the various components of the workflow by leveraging an AI-based software automation solution that is intuitive, extensible and secure. This type of automated solution will ensure reduced human touchpoints, decreased manual tasks, improved accuracy of data, enhanced systems interoperability, and rapid processing of invoices and orders.
