In the cash allocation process, there are a number of key areas where timing is everything in ensuring an optimal process. Conducting activities in the wrong sequence or in a lethargic fashion can have severely negative connotations for internal and external stakeholders alike, as well as the organisation itself. We’ll come to the fish/wine comparison, but it’s initially worth thinking...
In our last blog in this series we looked at some of the problems surrounding manual cash allocation. In this edition we focus on enhancing and optimising the process using automated cash allocation software. With the choice of multiple tools on the market, we highlight the key capabilities needed as well as look at the case for a fully integrated...
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 varying degrees of success. This article examines some of the legacy and latest order processing technologies and considers the merits of different approaches. EDI represents the most effective way to transmit data between customer and supplier. Effectively, an agreed format of data exchange in...
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Outdated order processes are not only detrimental to an organisation’s profits, but affect staff engagement and diminish customer experience.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...
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...
