Siloed processes have long surrounded order to Cash (O2C) operations among teams that make up a business function, and these are termed as organizational silos, which have long been a barrier to business collaboration, but the problem now has a new urgency.
Despite efforts to break through silos within Order to Cash teams, most businesses struggle to overcome obstacles on their route to success. As a result, different teams have diverse aims and objectives, some of which are not in line with the business goals. According to Boston Consulting Group’s (BCG) O2C for the Future Report, CFOs from the finance industry are slowly realizing that O2C must deliver results on two fronts simultaneously-
Keeping the above business priorities in mind, BCG has identified the following three pillars which are more likely to operate in silos and lead to a delayed business process:
Keeping the aforementioned difficulties in mind, we have developed the Four-fold approach that will help you in overcoming the issues that are faced due to a siloed mentality across the organization.
Creating a unified vision for the entire organization would lead to the reduction of organizational silos and the promotion of a team mindset.
Breaking down silos is a complex undertaking for every business, yet, avoiding these challenges would be more detrimental to the company’s overall financial health. By using the four-fold approach, the strategies may assist A/R teams in removing knowledge gaps across global operations and help in establishing a harmonious and agile business environment.
Greg Ottalagano of Church & Dwight believes that an interconnected order to cash can improve customer experience with better visibility and streamlined operations.
HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.