By Clint Kordsmeier, VP of Sales

The past couple of years have presented business with many new challenges, but also reaffirmed certain truths that used to be easy to ignore.  One thing, however, is pretty clear:  implementing smart Order-to-Cash technology should be a key priority for all organizations.

Here are a few key O2C Trends that finance leaders are focusing on (or should be):

Making it easy for customers

Being “easy to do business with” has long been a goal of most companies, however, a smooth, streamlined experience is now just a minimum requirement for a business to attain, engage and retain customers. In the AR and collections space, this means a clear, easy process for customers to receive and understand their invoices and automated statements or reminders, oftentimes ahead of the due date. They also need a clear process for collaborating on inquiries or disputes.  Making it easy to pay is also crucial to ensuring customers pay on-time, every time.

Increased Visibility, Better Analytics

For finance leaders and business owners, having clarity over the account status and the collections process is extremely important. With greater visibility comes the opportunity to forecast with more accuracy, assess risk more thoroughly, and make data-driven decisions.  Ultimately, better oversight delivers a more holistic view of the performance of both operations and finances.

Digitalization & Automation

According to industry survey published earlier this year, 68% of CFOs are planning to increase their investment in digital transformation in the next 12 months. This shouldn’t be surprising given the payoffs that today’s modern finance solutions can deliver. Implementing an Order-to-Cash automation solution like Webcollect, has many advantages. Businesses that adopt O2C technology are able to improve efficiency and effectiveness by automating and/or eliminating certain tasks and leveraging insight and AI to prioritize higher-value activities.  Implementing this type of technology also allows companies to standardize processes, reduce human error and safeguard against unforseen operational challenges and economic risks.

Focus on employee satisfaction

The employment market is tight and much has been written about The Great Resignation. Work-life balance, mental health, and the ability to work from anywhere is now expected, and A/R departments that have implemented O2C platforms have found a way to thrive in this environment.  Retaining good staff is crucial for company efficiency and team effectiveness, and these solutions help reduce repetitive and mundane tasks for staff in order to increase productivity and job satisfaction.

 There’s never been a better, or more necessary time to evaluate your O2C processes and adopt a technology solution to help improve the efficiency and effectiveness of your entire O2C operation.  Solutions like Webcollect, the integrated O2C Pro Platform introduce unprecedented levels of flexibility, industrialization, and automation to deliver real value and keep all O2C stakeholders happy.