BUSINESS PROCESS REENGINEERING
Accelerating Order to Cash
If we have learned anything from the last two years, it’s that cash is king, and cash inflow can never be taken for granted. Many organizations have had to reimagine their services, business processes, and customer engagement strategies while ensuring they received payment for services performed. While business as usual can often feel stressful, trying to roll out entirely new products and processes in a virtual environment has created new challenges.
At MorganFranklin, we help our clients quickly adapt their business and ways of working to the realities of the current environment. As a result, our clients achieved rapid growth and company success in new and innovative ways, effectively alleviating cashflow pressures, increasing the speed of cash, and reduce errors and inefficiencies in their order to cash processes.
Through MorganFranklin’s home-grown approach to accelerating the order to cash process, we partner with our clients to help them understand critical changes to their underlying business while simultaneously redesigning their upstream processes to improve:
- Acceleration of the invoicing process
- Common process errors
…all while maximizing automation to accelerate cash collections, lending itself to:
- Enhanced customer experiences
- Better cash flow
- Lower interest expense
- Accelerated business reporting
…and leaving more time for teams to dedicate to growth!
Evaluate your current order to cash (O2C) process
Organizations that find themselves struggling with these questions have an opportunity to drive additional efficiency and effectiveness, reduce errors, reduce redundancies, and rework in their processes, thereby streamlining their operations to ensure they extract maximum value from existing systems and tools and ultimately increase the speed of cash through the front door.
- Do you find that your organization takes a bottom-up approach to respond to RFPs due to a lack of standardized offerings?
- Is your invoice generation process highly manual (e.g., using multiple Microsoft Excel workbooks for invoicing clients) and does it require several days of work?
- Are your processes prone to errors and rework?
- Is the transfer of knowledge difficult due to a lack of process documentation?
- Are complex and varying contractual terms driving the lack of a standardized invoicing process?
- Is data stored across multiple source systems and tools (internal and external)?
- Do system limitations in your organization increase the need for manual data processing in Microsoft Excel and create reporting inconsistencies?
- Is data captured incorrectly in source systems and does data require manual review and processing before sending data for invoice generation?
- Are different departments involved in different phases of the O2C process and unaware of how they affect each other?
- Do you lack clarity on well-defined roles and responsibilities in your O2C process?
Benefits of optimizing your order to cash (O2C) process
MorganFranklin brings a cross-industry lens to its O2C projects. Many organizations benefit from the external perspectives from peer and non-industry organizations to challenge traditional thinking and explore best practices in new or different services and products.
Through MorganFranklin’s proven methodology and approach to optimizing O2C processes, we have a track record of helping our clients achieve: