In today’s fast-paced B2B world, companies around the globe are opting for faster project implementation. The three pillars required to fast-track project implementation are People, Process, and Technology. Think of a few successful big firms; Amazon, Uber. For the most part, they have excelled in providing simple collaboration amongst stakeholders. Enhancing the Order-to-Cash process has been key to their success. As a result, people now expect seamless experiences, on both a personal and professional level.
Establishing a smooth order-to-cash process should be a priority for all companies as they look towards the future. But do you know how the one-directional approach in the O2C process leads to failure?
“ According to Forbes, 84% of Digital Transformation Projects are unsuccessful, primarily because of a one-directional approach to drive this transformation, instead of focusing on all the 3 pillars of Digital Transformation at once ”
The 3 Important Pillars of Digital Transformation
People, Process, and Technology are the 3 pillars of Digital Transformation that are dependent on one another. Organizations need to understand the importance of these 3 pillars for successful implementation and fast-tracking of O2C projects.
Driving Digitization in Your Business
Could introducing the 3 levers in the O2C process help businesses bring their A-game on? The answer to this is Yes. People Management in O2C could help businesses in managing internal teams and dealing with changing employee expectations. Process Management adds in reforming the existing system to align with the new industry standards. Technology Management in O2C focuses on investing in new technologies to provide teams with world-class working experience.
All these 3 pillars together contribute to faster O2C project implementation. Let us dive deep into the 5 KPI’s associated with each of these pillars.
Transformation Journey: Deductions Management
O2C Digitization, not just aims at the faster implementation of projects but also helps in reducing lengthy deduction resolution cycle. Complex chargeback processes affect business credit, and a lot of them might even result in an inability to accept credit cards. A proper O2C Digitization process could help companies avoid these problems. Companies could leverage automation that would help them auto-download deduction documents and simultaneously back-up documents at a central location.
Sugar Foods Corporation is a privately-held company founded in 1948 which began as a local bulk sugar distributor throughout New York. Opting an O2C Digitization for its business, helped Sugar Foods in reducing its touchpoint numbers from 9 to 1.5.
Does your company aim for fast-tracking O2C projects? Is reallocation of employees to other value-added tasks a struggle for your firm too? Are you still deducing out ways to get the maximum output without increasing FTE’s?
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