The evolution of the
order-to-cash process
What are your peers saying about O2C?
But many mid-market businesses have trouble accessing capital markets and securing financing at the same rate as their larger counterparts. This means they’re operating with smaller cash reserves than larger businesses, so a streamlined order-to-cash (O2C) process is critical.
If this sounds like a challenge your company faces regularly, you’re not alone. Billtrust asked IDC to conduct a survey of 622 business executives about the urgency of a more efficient O2C process, and the results are clear and powerful.
Read on to learn more about the survey and its gathered insights, including:
Numbers to know
Numbers to know
The O2C survey results at a glance
of survey respondents agree that digital transformation across the order-to-cash process is critical to the survival of their organization.
O2C processes have a big impact on the employee experience
agree that the “lack of O2C modernization has had a negative impact on our ability to attract and retain financial employees.”
of respondents rate the impact of O2C modernization on customer service as “important” or “very important.”
of respondents characterize O2C employee turnover rate as “high” or “extremely high.”
A legacy approach to O2C persists
If your organization hasn’t yet made it to the connected stage of O2C maturity, you’re not alone.
of respondents do not have a connected O2C process that’s based on real-time data
of respondents indicated that manual O2C processes would negatively affect the bottom line of their businesses
Automation is key for EMEA
EMEA respondents were nearly twice as likely to say that difficulties in eliminating invoice errors caused by manual data entry have a significantly negative effect on the bottom line.
O2C change is in the air
%
of survey respondents have changed major aspects of their order-to-cash process over the past 24 months.
Challenges—and a solution
Challenges—and a solution
The biggest O2C process challenges
Data management
Multiple data sources—such as ERP systems, bank lockboxes, commerce sites and spreadsheets—make it hard to match payments to invoices for bank reconciliation, reporting and other tasks. It also slows the flow of timely information to CFOs.
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Process management
Manual processes, like having to resend copies of invoices, are time-consuming and dull. They also increase the risk of human error, leading to audits and fraud.
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Cash management
A high volume of cash and check payments burdens AR teams, which have to reconcile payments arriving with little to no remittance information in what’s often a manual, labor-intensive process.
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Time management
AR managers often find themselves spending precious time putting out fires instead of focusing on strategic activities and high-value clients. Managers should spend their time building and maintaining good client relationships.
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Customer management
AR managers play a role in the overall customer experience. Bad experiences can have dire negative effects. A good experience can promote customer retention and can even become a potentially powerful competitive differentiator.
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Billtrust can help streamline your O2C process
To explore your options, visit
