September 21, 2022Pandemic Illuminates Current Challenges – Fuels Growth of O2C Technology Market Posted By : Clint Kordsmeier/ 0 comments / Under : Uncategorized By Clint Kordsmeier, VP of Sales According to a recent industry review by Gartner, the Order-to-Cash Technology market has been growing rapidly and is expected to reach $3 billion by 2024, at a compounded annual growth rate (CAGR) of 12.1% (2019-2024). The CIOs and Finance Teams surveyed, agree that the pandemic has fueled the demand for O2C applications, as organizations are “urgently optimizing their internal processes to enable faster cash collections”. Many companies are experiencing inefficiencies managing customer interactions coupled with the growth in SaaS computing and advanced technologies such as AI. Here are few interesting summations from their findings: Existing ERP systems and homegrown applications are lacking in functionality needed for running optimized O2C operations. The pain is further compounded when managing customer interactions and information across complex ERP landscapes. The need to make changes quickly and frequently based on ever-changing economic and client requirements have proven to be too costly and simply take too long. Enterprise IT buyers and finance teams are looking for platforms with embedded AI and automation capabilities instead of investing in additional ‘build’ platforms and tools. Capabilities such as predictive risk-scoring and expected invoice pay are available as out-of-box capabilities in some of the leading O2C applications like Webcollect Applications that enable collaboration between Accounts Receivable teams, commercial teams and their customers are a key priority for organizations evaluating O2C applications. This has been further driven by a focus on improved customer experience and a shift towards remote work or distributed workforce models. While the expected growth of the O2C technology market is good news for solution providers like O2C Pro and our partners, it is a better indicator of the need for O2C process automation and optimization and the value it can bring to your organization. This is true from an efficiency and effectiveness perspective, but also customer and employee satisfaction which are key focus areas for finance leaders.