21 September 2018, by Richard Moreton
Why Digital Transformation?
The requirement for digital transformation is evolving processes across all industries.
Today, to meet customer expectations, deliver streamlined operations and gain true clarity and intelligence over your processes, it’s crucial to consider your digital transformation approach.
Order to cash, in particular, has much to gain from digital transformation. At a very top level, by considering digital transformation, financial organisations can:
- Futureproof to meet changing customer behaviours and demands
Customers today expect to engage across digital environments. Organisations must adapt to these changing expectations, and meet customers in the places and channels they want to communicate, if they’re to sustain success.
- Achieve scalability, speed and adaptability through technology innovation
Large, enterprise level businesses may find it hard to update technology, and be trapped with old mainframe databases. However, with new technology, scalability, speed, and future adaptability can be achieved.
- Easily meet all new regulation compliance
Meeting new regulation compliance can be an expensive challenge for organisations on legacy systems. However, if new technologies are considered, cost-effective compliance for long-term future proofing can be ensured.
- Unlock a range of commercial benefits
Digital transformation offers a range of commercial benefits, including streamlined processing, improved data analytics and enhanced clarity and control over operational costs.
How Does Order to Cash Automation Improve the Customer Experience?
In general, with the right digital intelligence and un-siloed insight, a move to a digital solution makes it simpler to:
- Target specific customers with the right communications at the right times
- Develop detailed insights into their unique customer profiles
- Predict buying trends
- Streamline customer contact
- Deliver the digital service (such as the ability for customers to pay online, in their own time) that’s expected today.
Adopting the right order to cash automation solution can help businesses achieve the digital transformation required to ensure they can compete in the modern marketplace – and deliver wide-reaching benefits to the customer experience.
Investing in digital transformation via an order to cash automation platform can provide a business with access to multiple new functions and opportunities including:
- Online payment capabilities
Provide flexible access and simplify the payments process to meet modern customer expectations.
- Digital documentation
Provide easy digital communication (from purchase and delivery notifications, to documents, statements and more) to your customer across any device.
- Customer reward schemes
Use data analytics to identify and reward customers, encourage loyalty and improve the customer experience.
- Better target advertising and product offers
With a full data set of buyer information contained within the platform, it’s possible to target customers with improved adverts and product offers, providing a more relevant experience.
- eCommerce & self-service
Give the customer the ability to engage and deal with your organisation, at a time that suits them.
Some organisations may already be conducting some of these activities but, with a full solution investment, it’s possible to remove silos and deliver that wider benefit to the business, beyond those achieved with individual activities alone.
How order to cash automation stimulates sales growth
Today’s SaaS technologies enable access to the virtual environments that provide flexibility, agility and mobility. As a result of a digital move, a fluid, real-time flow of data between all platforms can be achieved. And with access to that data, organisations can enhance, and often automate, decision making, streamline processing and, intelligently, improve service offerings and the sales process.
Just as with customer experience, digital transformation through order to cash automation also delivers benefits to sales. Essentially with a digital automation platform driving transformation, it’s possible to integrate what would otherwise be siloed information, and provide the wider business (both back office and sales teams) with real-time access to information, analytics and insight.
Looking at specific areas of benefit, with an order to cash automation platform as a central source of insight it’s possible to:
- Secure new customers via targeted marketing and incentives
- Analyse historic and real-time sales data to create targeted marketing campaigns to drive increased revenue from existing customers
- Enable quick and automated credit decisions, as automation removes time and resource blocks for greater agility, so your customers can start trading with you in seconds rather than days
- Release trade credit availability for more effective customer management
- Enable sales driven strategies (and sales-driven trading limits) by balancing risk against opportunity
- Improve customer experience resulting in greater retention
- Integrate with eCommerce sites; creating the opportunity to progress customers from order to cash communications to your site, and see additional products that might be relevant to them.
How order to cash automation improves operational processes
Digital transformation through order to cash automation enables continuous performance and process improvement through enhanced access to data, intelligent insight and automated data-driven decision making for a streamlined process. With a digital solution, it’s also possible to:
- Futureproof and keep abreast of new market trends
- Enable a more flexible and empowered internal team, through access to remote working
- Enhance communication and organisational transparency for extra efficiency
Looking at how order to cash automation specifically can enhance operational processes, a solution investment enables:
- Full automation
From escalations to reporting, task assignment, communication and more, the platform makes intelligent decisions to engage users at the right time, and ensure the best use of resource.
- Remote working
Enable flexibility, better skills utilisation and a chance to expand as an organisation.
- Improved visibility for greater right-sizing of resource
Ensure more efficient use of resource, as a result of automated decisions and greater transparency.
- Data-driven intelligence for improved decision making
Gain clear access to actionable data for faster, more effective decisions.
- Clarity over KPIs, processes and operational efficiency
Ensure you’re setting the right KPIs with intelligence and clarity over the right actions, processes and more.
- Continual improvement
Incrementally track, monitor and improve processes across all areas of the business with clear access to intelligent insight.
- Faster communications
Gain access to real-time, digitised communications for greater agility and impact.
Change today for a competitive advantage
With digital transformation being adopted exponentially across platforms, industries and technologies, being prepared is the best way to futureproof your organisation.
After all, the impact of ignoring digital transformation can be fatal. So, rather than remain in an ‘it won’t happen in my industry’ mindset, it’s far better to acknowledge how the landscape is changing.
In finance for example, beyond basic digital transformation, upcoming trends such as blockchain and cryptocurrencies are only starting to have an impact – yet hold great potential to transform how we transact with customers. Having that foresight to consider, and futureproof where necessary, is the key to ensure your business will succeed in the longer term.