How Sales Order Automation Improves Order-to-Cash Cycles

How Sales Order Automation Improves Order-to-Cash Cycles

In today’s technology driven society, the pace of business is faster than ever. With access to new tools and innovations, businesses are continuously expected to improve efficiency and customer service, delivering more with less and in increasingly rapid ordering cycles. Faced with this ever-growing demand, it has become vital that businesses optimize their operations, enhancing the efficiency of business processes to remain competitive. Yet, it can often be difficult to narrow down and identify areas in need of improvement that will actually generate the necessary high ROI. The important thing to remember is that future success firmly hinges on the ability to embrace the unique requirements of each customer while processing orders rapidly and accurately. This makes identifying areas for improvement a lot easier as the key to achieving this balance is to eliminate error-prone manual order entry, automating the process to accelerate order-to-cash cycles. Most businesses already have dependable Enterprise Resource Planning (ERP) systems in place to help them automate repetitive administrative tasks, such as inventory control, accounting and shipment. Yet, many still process their customer orders by hand. This procedure entails a huge amount of manual entry from their customer service teams, compiling orders as they arrive and manually processing each one individually before re-entering it into the ERP system as a sales order. In addition to being a slow, labor-intensive task, it is a highly inefficient and expensive use of staff time, prone to continuous, embarrassing errors. Automation of the order-to-cash cycle would render this supplementary work redundant, eliminating manual entry and improving efficiency in a way that generates high ROI. In fact, not only does...
How to Ensure Quality and Compliance with ERP

How to Ensure Quality and Compliance with ERP

How confident can a food & beverage manufacturer be in maintaining compliance with mandates such as the Food Safety Modernization Act and GS1, especially when they’re constantly changing? Not to mention doing so while maintaining the same standards of quality. Food and beverage manufacturers often need to rely on their ERP solutions to enforce compliance and avoid fines with key mandates. But that’s easier said than done with an outdated solution. For more information on how leading food & beverage manufacturers utilize modern ERP to maintain compliance, quality, and traceability, join Nick Castellina, Research Director for Business Planning & Execution at the Aberdeen Group, and Jay Lebo, Product Marketing Manager for IndustryBuilt, on May 12 at 1:00 PM EST for the webinar, “Best-in-Class Food and Beverage Manufacturing through Updated ERP.” I’ll cover: What You’ll Learn: The upgrade strategy of top-performing food and beverage manufacturers Emerging capabilities and technologies that modern ERP solutions support The role of cloud technology in the upgrade process And more… If you can’t make it to the live session, register here and we’ll send you an on-demand recording. I hope you’ll join us for this...
Announcing the 2016 Business Management and ERP Benchmark Study

Announcing the 2016 Business Management and ERP Benchmark Study

It’s time for the 2016 Business Management and ERP Benchmark study. This is the survey I run annually that informs the majority of my research throughout that year. In 2015, this study led to the following reports, among others: ERP for Industrial Equipment Manufacturers: Deliver Complex Products to Happy Customers The Fear of Being Left Out: What’s Your ERP Upgrade Strategy? Product Traceability: Tracing the Key to Manufacturing Success Cloud ERP in Wholesale and Distribution: Driving Success Across a Wide Network ERP’s Impact on Demand Planning Crucial Capabilities for Accurate Forecasts Are You Asking the Right Questions when Selecting an ERP System? I would like to invite you to take the survey and participate in the 2016 study. I’ve done my best to make it much shorter than last year, I promise! On the survey, you’ll find questions about how your organization uses a variety of technologies to manage the business, as well as more general questions around your current goals and challenges. Within a month or so, I will begin publishing my findings at Aberdeen.com, so check back then. In the meantime, and upon completion of the survey, you will be linked to exclusive content illustrating how to best use business solutions to grow your business. So, please, take the survey, and I hope you continue to enjoy the research that my surveys inform. Thanks! Image Source (Creative Commons): Jeffrey...
5 Steps to Build an Excise Tax Engine

5 Steps to Build an Excise Tax Engine

Excise tax compliance is a complicated and time consuming, but essential, process. Any confusion about requirements can lead to mistakes resulting in fines, the inability to complete a drawback, or mistakes that eat into profit margins. These processes require an organization to determine, calculate, manage exemptions, and file and report. Typically, these processes fall outside of internal expertise due to changing mandates and are not supported by the systems typically used to run the business. In order to execute these processes effectively and within compliance, your organization must put a plan of action into place. Consider the following steps to success: Identify solutions that can adequately handle tax compliance. While 73% of survey respondents indicated they utilize ERP for managing excise tax compliance, these same survey-takers reported a series of challenges that this approach brings. These include an inability to update, a lack of usability, and limited functionality. Rather, your organization should identify a solution that can provide the automation and reporting that facilitates these difficult processes. Identify and integrate regulatory change. The top challenge facing organizations today when they manage excise is the frequency with which regulations change. It’s impossible for employees managing these processes, particularly those that operate in multiple jurisdictions, to stay on top of these changes. Internal research is inefficient; these organizations must find a knowledgeable source to provide this information. Determine and calculate accurately. Building on the previous recommendation, relying on a solution to determine and calculate accurately is the key to ensuring that mistakes are not made and that the process is completed quickly. Employees can then move on to other tasks. Provide visibility...
3 Ways An Integrated Mobile Strategy Can Boost Your AP Communication

3 Ways An Integrated Mobile Strategy Can Boost Your AP Communication

Despite seemingly obvious operational benefits, including ease of use and overarching value, mobile technology is surprisingly under-utilized in accounts payable workflow operations and management. The capabilities exhibited by AP solutions touting mobile functionality are indisputable. Here are three ways that top-performing financial teams are benefiting from mobile solutions. Leaders are 150% more likely to have mobile solutions than Followers.  Aberdeen’s research finds that leading organizations are actually among the first to adopt mobile technology for the accounts payable function. Not only are they 150% more likely to have implemented these solutions today, but data also indicates that a greater percentage of Leaders plan to implement this capability in the near future. This tells us that organizations ignoring this technology could be left behind. Organizations with mobile AP are 18% more likely to operate centralized invoice-management programs and 28% more likely to execute a standardized invoice management process. These two capabilities provide a singular location to process invoices. Couple these with a unified, cohesive set of electronic invoices and approval workflows and you have now effectively minimized process bottlenecks and siloed or fragmented management of the AP process, while significantly increasing the ability to expedite payments to suppliers. Solutions with AP mobile offerings are 1.9x as likely to enjoy Straight Through Processing. STP and on-time payments are both benefited from mobile offerings. This is primarily due to the simple, yet vital improvements in internal as well as external communications and processing that result from utilizing mobile applications to support their primary platforms. The reliance on mobile technology has permeated virtually every facet of our lives. It is an increasingly important tool that...
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