Over the years, working dynamics have evolved. From physical proximity considered to be essential for running effective processes to achieving the same efficiency while working from home. From running critical processes from highly secure physical brick-and-mortar sites to running them from any geographical location by adopting technology providing the same level of security.
Organizations should focus on building a virtual environment for the future, wherein businesses can be run from any location or system with no data availability issues or accessibility and security. Automation should be a part of the core strategy to make processes agile, transparent, and cost-effective. To enable this, running disparate ERP systems will not be an ideal approach. Organizations should integrate ERP systems with cloud to facilitate global connectivity. Cloud adoption offers the following benefits:
Seamless data availability provides real-time information to customers, such as real-time updates on shipments and payments. Furthermore, the ability to automatically transfer data in any format to any device or system, to share details on an order, shipping notice, tracking details, payment information, or remittance advice, improves customers’ experience and empowers them with data insights to optimize order and payment processes. As highlighted above, cloud allows smooth data integration across a distributed network, where data is verified, validated, transformed, and transmitted according to the receiver’s requirements. Overall, cloud provides a connected ecosystem where relevant users can share data as and when needed.
However, integrating individual processes into cloud does not resolve the issue of siloed operations. It just adds another layer of complexity to the overall process. For example, having a cloud-based bolt-on for handling credit management system, but the remaining processes are left on on-premise ERPs or legacy systems. In this case, processes will still be running in a siloed environment with limited information across processes. Further, these setups might have stability and connectivity issues.
Cloud allows smooth data integration across a distributed network, where data is verified, validated, transformed, and transmitted according to the receiver’s requirements. It provides a cost-effective and low-maintenance solution, which offers global connectivity and real-time access to data.
Integrating individual processes into cloud does not resolve the issue of siloed operations. It just adds another layer of complexity to the overall process. A cloud-based platform strategy is needed to create a layer of system of engagement, which encompasses all IT systems.
A cloud-based integrated platform is needed to create a layer of system of engagement for managing end-to-end O2C processes. A unified platform is placed above all the processes, ensuring a seamless exchange of information, irrespective of geography, process, or business function. It also eliminates the hurdle of integrating ERP systems with cloud solutions. Furthermore, business leaders are also keen to accept an integrated platform to improve workforce productivity, cost-effectiveness, and efficiency.
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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.