FinTech LIVE Singapore: Order-to-Cash Automation
Order-to-cash automation took centre stage at FinTech LIVE Singapore, where Piers Gorman explored its impact on business efficiency, risk management and customer experience.
The role of automation in order-to-cash
Piers shares his insights on the automation of the order-to-cash process and its growing importance in enhancing business efficiency.
He outlines how automation improves cash flow, reduces overheads and enhances customer experience, ultimately contributing to revenue growth.
Piers breaks down the order-to-cash cycle into seven key steps, highlighting automation’s impact on each.
From sales and quota management to credit risk assessment, invoicing and payment processing, automation is streamlining operations across industries.
He notes the rise of B2B e-commerce, which reached $4 trillion in the APAC region last year, growing at a compound annual growth rate of 20%.
This surge is fuelled by automation, reducing errors in order entry and ensuring pricing accuracy.
Fraud management has also seen advancements, moving from slow, paper-based processes to real-time digital decision-making.
Invoicing automation, though challenging in complex marketplace environments, has proven beneficial in consolidating invoices across seller networks, as seen in the franchise and hospitality industries.
Piers also highlights the increasing role of automation in payment reconciliation, estimating that around 80% of B2B payment collection processes worldwide are now automated.
Despite these advancements, certain areas remain difficult to automate, such as dispute management.
In Australia alone, 2.5 million digital platform complaints were recorded in 2021, with only 16% resolved.
However, technologies like machine learning and robotic process automation (RPA) are playing an increasing role in streamlining cash application processes, with some businesses achieving automation rates of up to 90%.
Overcoming challenges in automation
Piers identifies three key challenges businesses face in automating order-to-cash: personalisation, risk management and interoperability.
Personalisation is crucial, as automation must align with each business buyer’s unique procurement process.
Some businesses segment customers into tiers, offering high-touch service for top-tier clients while automating processes for lower-value accounts.
Striking this balance ensures efficiency without compromising customer experience.
Risk management remains a significant concern, with fraud and credit risk being major factors.
While automation can reduce errors, it must be complemented by human oversight to adapt to new threats and improve data accuracy.
Piers stresses the importance of ensuring that invoices contain correct pricing and details, as errors can lead to payment disputes and operational inefficiencies.
Interoperability presents another challenge, particularly as businesses integrate multiple automated systems.
API connections between different platforms must function seamlessly and businesses must plan for potential system outages.
Additionally, as companies undergo mergers and personnel changes, automation systems must be flexible enough to adapt to evolving business structures.
The future of order-to-cash automation
Looking ahead, Piers highlights two major trends shaping the future of order-to-cash automation: AI and electronic invoicing.
AI is playing a pivotal role in fraud detection, creating an ongoing “arms race” between fraudsters and security measures.
Businesses are increasingly leveraging AI-driven tools to detect fraudulent transactions in real time.
Electronic invoicing is another emerging trend, particularly in the APAC region.
Many national tax authorities are implementing digital reporting requirements for VAT and GST, leading to the adoption of standardised e-invoicing solutions.
Piers points out that half of the APAC countries have already rolled out or committed to implementing electronic invoicing, creating opportunities for further automation and cost reduction.
Beyond technology, regional challenges also shape automation strategies.
The APAC region’s diverse regulatory landscape means businesses must stay up to date with evolving compliance requirements.
Differences in credit reporting and data availability across countries further complicate automation efforts, requiring businesses to adapt their strategies to local conditions.
As competition in customer experience intensifies, businesses must also focus on experiential loyalty.
Piers notes that millennial and Gen Z buyers expect seamless procurement experiences similar to their shopping habits.
Businesses can foster loyalty by integrating procurement platforms, automating invoicing and providing flexible payment options tailored to different customer segments.
Piers emphasises that automation offers immense opportunities for businesses looking to enhance efficiency and reduce risk.
However, success depends on balancing automation with human oversight, ensuring systems remain adaptable and continuously improving customer experience.
As automation technology evolves, businesses that effectively navigate these challenges will be best positioned for long-term growth.
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