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The order-to-cash cycle considers how your business receives, processes, manages and completes orders. With many different types of order-to-cash software out there, it is vital to consider the difference in these tools. In this blog, we discuss how Process Simulation can offer benefits beyond existing order-to-cash automation software. This makes it an essential complementary tool in your arsenal for analysing process change, and choosing the best ways to automate your order-to-cash process.
Order-to-cash process automation tools are popular in managing the O2C lifecycle and reducing the frequency of human error in the order-to-cash process. Existing order-to-cash software measures data such as order management, credit management, invoice delivery, and payments. While these software tools help you execute your order-to-cash process, they do not ensure your process is efficient. Optimising your order-to-cash process is a key contributor to boosting company growth through process change.
Business Process Simulation (BPS) tools, such as Silico, can take your processes further in optimisation and efficiency by analysing process change.
What are the Technical Factors Affecting Order-to-Cash Process Improvement?
Optimising the order-to-cash process requires access to accurate and real-time data. Software such as Silico can connect with your order-to-cash data sources to feed real-time data into your simulation models, allowing you to benefit from valid simulation models that accurately reflect an existing order-to-cash process. On this basis, BPS models forecast the process’s future characteristics, such as backlogs and lead times, identify upcoming issues that need addressing, and test the impact of your process changes.
Digitising and automating your order-to-cash process can provide a substantial competitive advantage in many areas of the order-to-cash cycle. In addition, process redesign of the order-to-cash process can improve cost-effectiveness, with time spent on laborious administrative tasks decreased and reallocated to more value-added tasks to increase business efficiency. It can also lead to a huge reduction in delays across the business.
Using BPS twins of your order-to-cash process, you can identify where automation and digitisation of your process is required and most impactful. They ensure that you maximise the return on investment of your order-to-cash or lead-to-cash transformation and ensure that cost, effort, and lead times are minimised to:
- Receive payments faster
- Reduce order-to-cash issues encountered through human error
- Increase customer satisfaction and consequently increase customer loyalty
Why Should you Focus on the Process Transformation of your Order-to-Cash Process?
For most C-level executives, including CFOs and COOs, order-to-cash process transformation is an easy decision to optimise. It contributes to meeting key business objectives surrounding cash flow and profitability through improved and increased efficiency of processes.
Process transformation of the order-to-cash cycle can enable a business to achieve its strategic objectives to grow faster. Shorter-term benefits include increased efficiency, decreased bottlenecks, and increased customer satisfaction. These significant benefits should be considered when pitching the process transformation and improvement of your order-to-cash process.
With every customer touchpoint across the order-to-cash cycle being an opportunity to increase customer experience through ordering, order processing, receipts, payments and dispute resolution, order-to-cash process transformation should be a high-priority focus.
What are the Benefits of Using Process Simulation as an Order-to-Cash Automation Software?
Business Process Simulation (BPS) tools offer the step beyond standard process transformation software for your order-to-cash process. Instead of simply tracking the subparts of the order-to-cash process, they simulate the whole process across a business, or business department, showing how the processes interact and highlighting the flaws in the processes. Moreover, they plug straight into commercial and financial models and payment schedules to reflect more than just processes.
Silico’s AI-infused optimiser tool takes process transformation to another level. The optimiser allows you to optimise the elements of your order-to-cash process to make it as efficient as possible, running thousands of potential process configurations until the most efficient option is found. This makes BPS an essential supplementary process transformation tool for your order-to-cash process.
Using Business Process Simulation within your order-to-cash process greatly benefits your business above and beyond existing software.
- Understanding what occurs during your order-to-cash process avoids confusion in your team. Process simulation models clearly show the order-to-cash cycle and how processes interact with each other. Seeing a clear simulation model of your order-to-cash process means altering processes, identifying areas for process redesign and making decisions all become easier and more effective.
- Process simulation gives you better data analysis information for your order-to-cash process. Continuously track performance with real-time data integrations, and identify and solve bottlenecks in your order-to-cash cycle.
- Improve customer satisfaction by avoiding errors and delays during the delivery process. This error avoidance ultimately improves customer relationships and brand satisfaction through the efficiency of the order-to-cash process and the absence of delays. This particular benefit can give your business a competitive advantage in the order-to-cash delivery process, creating a frictionless experience for end-users.
The most successful order-to-cash processes require innovation beyond existing software and methods. Although these tools are crucial to a ‘good’ order-to-cash process, business process simulation optimises and improves your order-to-cash process, taking you beyond your competitors and into a more financially efficient realm.
Getting the best process improvement results for your order-to-cash process ultimately depends on using the most innovative tools and the ability to integrate your business's order-to-cash data seamlessly. Most importantly, a fusion across the process management and finance teams means interdepartmental collaboration leads to outcomes that are best for your entire organisation.
Silico is the process simulation tool that allows you to optimise your order-to-cash process with real-time data and continuously improve and analyse your cycle. Get in touch today to learn more about how we can help you gain a competitive advantage in your order-to-cash process.