Order-to-Cash Process Automation FAQs

Richard Brown answers 4 Order-to-Cash Process Automation FAQs: ROI, Security, Resources, Cost.

For CFOs and the wider finance department, investing in a centralised Order-to-Cash process automation solution can unlock multiple benefits, from optimising company-wide efficiencies to facilitating informed decision-making, to enabling greater risk mitigation, and more.

Yet, despite UK cloud adoption rates sitting between 80% and 84%, many CFOs face barriers to adoption regarding Order-to-Cash solutions, and often, these objections stem from internal uncertainty and wariness of change. After all, it’s important to be sure your organisation will see value before investing in a solution, especially if implementing that solution will have an impact on business-wide processes.

To help your organisation overcome pushbacks and understand the value you could achieve with an Order-to-Cash process automation solution, we’ve answered four common Order-to-Cash process automation questions.

1.  “What ROI Can You Expect From Order-To-Cash Process Automation software?

Unil recently, financial IT systems were fairly limited, primarily built to manage company finances and report on historical data. But today, they contain the infrastructure to add intelligence and deliver return across a much wider function.

“Today, finance executives are using technology to go beyond the month-end close process and the annual budgeting cycle… by providing financial experts with the proper foundation for data migration, costs, risks and time consumption, finance is able to act as a business partner.” – Thack Brown, SAP head of the line of Business Finance.

There are multiple areas where financial operations solutions can deliver ROI. For example, an Order-to-Cash automation solution will:

• Improve company-wide efficiency. Automating repetitive tasks will free up team resources which allow the company to focus on more strategic, higher-value work.
• Provide better visibility over data. Real-time visibility of data allows CFOs to develop more strategic, informed growth strategies.
• Risk mitigation. Greater visibility and predictive algorithms allow the CFO to make more intelligent decisions that step away from risk in uncertain financial markets.
• Removing unnecessary complexity from the CFOs role. Providing centralised visibility and clarity, order to cash automation enables CFOs to streamline activity and refine focus on delivering priority KPIs and business goals.
• Securing stronger customer relationships. A real-time financial operations solution ensures information is always up-to-date across the business, which helps teams align delivery of the best results to the customer – without any activity duplication or confusion – creating profitable, long-term client relationships.
• Competitive advantage. By switching from inefficient legacy models to an agile digital solution, organisations gain the benefit of a higher-functioning team who have more time for strategic thinking, creating a competitive advantage.

2. . “How Secure is an Order-To-Cash SaaS Solution?”

Of course, maintaining a secure, reliable and accurate compliant system that ensures data integrity is always an organisational priority and requirement.

Aside from understanding the benefits and potential for ROI, your organisation must be confident that any digital platform investment will be secure and reliable.

If we take Square Marble’s Mia solution as an example, this solution ensures security through a range of features:

• Information security starts at project initiation when roles and responsibilities are identified whilst handling client data. This occurs before any data is shared. Role-based access controls allow cross-business access – but limits the data views and actions an authorised individual can take, so enabling informed, secure decisions to be made.
• All data exchanges are encrypted using valid 3 year SSL certificates.
• The Mia application has been developed to meet the industry best practices such as OWASP (Open Web Application Security Project). All developers are security trained before joining the team, and routine penetration tests are carried out annually or with each major code version released.
• Mia adheres to PCI DSS – the system does not store cardholder data but meets stringent standards for processing cardholder data. The whole platform is treated in this manner.
• Ensuring extra Information Security, the business behind the Mia solution (Square Marble) adheres to strict security standards  (ISO27001). Square Marble is also working towards ISAE3402 which is an international accreditation demonstrating that audited controls are in place within the business which, over time, ensure the confidentiality, integrity, availability and security of data.

3. “What Resources Do I Need To Implement a Financial Operations Software Solution?”

Projects and required investment will inevitably vary, dependent on the size and complexity of a specific organisation.

A discovery workshop with your team will enable your chosen software provider to validate your requirements, timelines and to onboard you to their delivery program for successful implementation.

Milestones will enable you to plan resources with IT, project management, business process experts and end users.

4. “What Budget is Required?”

As every business case is unique, financial operations SaaS solutions investment  will depend upon the size of the organisation and the complexity of the business. At the Enterprise end of the scale, prices typically start from about £4k per month.

Address the FAQs to Secure Internal Buy-In

To secure internal buy-in, it is important to understand the ROI you can achieve and the integration, resources and budget requirements you need. Armed with this information, you can be confident that an order to cash automation solution will deliver results 

Text written by Richard Brown .

CRO of Global Debt Recovery & Customer Contact provider 4D Contact.