What is Cash Allocation? What does Cash Allocation mean? Definition of Cash Allocation Why is Cash Allocation important? It’s imperative that as payments are received that they are applied to the correct customer and against the specific invoice transaction they relate to. Cash allocation needs to be conducted promptly in order to understand which customers and invoices are paid and which...
There have been many attempts to use technology to automate sales order processing which have had a varied degree of success. EDI represents the most effective way to transmit data between customer and supplier. Effectively, an agreed format of data exchange in a given method. However, it has its own challenges in terms of cost to implement and maintain as...
This article examines the types of sales orders that organisations process, the associated challenges and the need to understand the spectrum before determining appropriate technology for sales order automation. The Spectrum There’s no “average” Sales Order and it’s probably reasonable to assert that Purchase Orders are generally more troublesome to process than other financial process documents such as Supplier Invoices and...
OCR to Cognitive Document Capture Information capture has advanced a long way since the advent of Optical Character Recognition (OCR) and Digital Repositories (EDMS Electronic Document Management Systems). Modern business applications require pre-validated and structured data as input so it is readily available for use in decision making and driving business processes. The majority of business applications store data in...
Outdated order processes are not only detrimental to an organisation’s profits, but affect staff engagement and diminish customer experience. In the UK alone, businesses lose £2.5 Billion each year as a direct result of poor customer service, source: Infobip. Issues with the sales order process orders can have a significant impact in many parts of an organisation from customer services...
Businesses today provide a number of channels for customers to communicate with them. Technology plays a key role in to ensure customers can communicate using the channel of their choice depending upon their preferences and access to technology. Not everyone can or wants to download an app or engage fully digitally. It is important for businesses to ensure that...
Unclog Your Sales Order Processing Channel Around 12% of global trade (+$1tn worth of goods) passes through the Suez Canal annually. This equates to around 50 ships a day. Well, it did, until a 200,000 tonne monster ran aground and became lodged sideways across the waterway. After 5 days, it was being reported that more than 400 ships were stuck in...
The speed of the earth’s rotation is increasing. It’s spinning faster than it has in decades. 2021 will be the shortest year in half a century. Meaning this year will be 19 milliseconds shorter than last year. Admittedly, that’s not a perceivable difference for most people and in real terms will have no impact to businesses and organisations. However, ‘time’ is...
Now is the Time to address the ‘Dark Processes’ of 2020 will be remembered for many things, but the sudden change in working practices, driven out of necessity, has been instrumental in fuelling the creation of ‘Dark Processes’. What is a Dark Process? A Dark Process can be described as a complete process, or steps in a process that...
Processing sales orders is a fundamental step in the overall O2C (Order to Cash) process in that it allows an organisation to transact with its customers, allocate stock and generate an invoice for payment. When this performed in a sub-optimal way it can lead to errors, additional costs and poor client relationships. For this reason, many organisations have looked towards...
