What are the critical areas for the Order to Cash process owners to help them move from pandemic crisis management to building cash excellence?
This e-book outlines the steps to achieve process and cash excellence through technology innovation and talent management; based on a Hackett study. It also helps you understand the changing role of a CFO and why cash management is crucial now more than ever.
The COVID-19 crisis brought many challenges and changes that added to the existing pressures of the order to cash process. Reduced demand, collapsing supply chain, delayed payments, and tighter budgets had a grave impact on businesses. As a result of a highly volatile economic and operating environment, organizations started relying more on finance to provide guidance and make strategic decisions to adjust with the new normal and emerge resilient for future
The Finance heads and order to cash leaders became responsible for putting their best efforts and ensuring:
High-performance and productivity for teams working remotely
Risk mitigation by realigning and relooking their credit policies
Creating a collection and dunning strategy for low impact on receivables recovery due to delayed payments and increasing credit
Digitally enabling buyers to exchange invoices, make payments and share remittance information in the ‘new normal’
Amidst these disruptions, the two ‘C’s that stood out and gained prominence for many organizations was, CFO & Cash.