Are you one of those people always thinking about how to improve your organization’s order-to-cash (O2C) activities? If your answer is “no” – I envy you … in a nice kind of way.
But if your answer is “yes” – welcome to my world. O2C is the dead center of my universe, so it’s not unusual for me to obsess about it. Some people enjoy walks on the beach or hikes in the mountains – my Zen is reimagining ways to improve an organization’s cash or collections activities.
The good thing is, I’m not the only person at Capgemini fixated on process improvement – there’s a whole organization full of us. Over the years, we’ve developed strong global communities around each finance and accounting (F&A) process tower (record-to-analyze (R2A), procure-to-pay (P2P), and O2C). Within each area, we take the time to develop our assets, fuse our experience, shape our common point of view, and design the right technology strategy to deliver exciting and value-adding results to our clients.
Indeed, the team I lead has spent a great deal of time in the last few years shaping and delivering the next generation of O2C design – and we’d like to share our learnings about steps you can take to improve your cash and collections processes in a series of blogs.
If there’s one, overriding piece of advice I’d give you to start it off, it would be – pay attention to the basics. Process transformation doesn’t have to be complicated – it can be carried out in a few simple steps, such as follow a schedule of key activities each month, document expectations, create minimum requirements, improve controls, and leverage your existing tools more effectively.
By starting simple and taking steps to improve, you can craft a transformation vision that includes all the cool stuff such as machine learning, AI, and robotics, just to name a few, while ensuring you have a strong foundation. Think long term, but don’t forget to remind your teams about the fundamentals, i.e., how to craft effective emails, how to implement the basics of collections, and how to adhere to the strategy within your current platforms.
Put simply – embrace the simple steps you can take to start your organizations transformation journey.
Read other blogs in this series :
- Improve your order-to-cash process in a few simple steps
- Three steps to improve your collections function
- Successful accounts receivable collections in ten easy steps
- Four key components to writing effective credit-to-cash emails
- Pipefy – transform your collections emails and processes
- Optimize your cash applications in five simple steps
- Four reasons why your cash applications team should own the resolution of all open payments
- Three simple steps to successful order-to-cash automation
To learn more about how Capgemini can help you optimize your O2C processes, contact Caroline.Schneider@capgemini.com
Learn more about how Capgemini’s Finance Powered by Intelligent Automation offering helps you navigate the myriad of products, tools and services, enabling your business to benefit from an intelligent solution that combines automation, digital platforms, know-how, and insight.
Caroline Schneider has been delivering and designing O2C solutions for clients for over 18 years. She is passionate about delivering solutions to clients to maximize their working capital through technology, automation, and industrialized process design.