Order to Cash (OTC) is a system that covers the entire payment process. There are multiple benefits for organisations to optimise their OTC process which have a direct impact on the bottom-line, including revenue generation, customer experience and cost savings.
For this reason, Cubility is often asked by clients to review their OTC process and provide recommendations to make it more efficient. This article will share the review process in detail.
Cubility’s OTC review process:
The review process involves 3 fundamental phases, namely:
- Frame and Capture
- Assess and Decide
- Develop and Finalise
Phase 1: Frame and Capture
We start by identifying and gathering any existing documents an organisation has, such as:
- Organisational chart
- Work instructions
- Procedures
- Process documentation
- Technology system automation
- Any internal audits/ current issues
This is followed by us interviewing key staff across the key OTC process roles to gain a better understanding of how the organisation operates at a granular level – including system/ process/ data/ people issues – as well as identify who is accountable for what.
The OTC process is intricate covering all payment processing steps from customer order placement through to collection of payment and data management.
When capturing all the required input from an organisation, we work against our tailored process map which outlines the granular steps involved in the OTC process.
Cubility’s Process Map
Phase 2: Assess and Decide
The second phase of the OTC review process entails using all the information provided to identify issues with the existing OTC, specifically identifying barriers to invoicing and timely collection of cash.
When assessing the identified barriers we place an emphasis on determining the root cause, finding opportunities to solve the issues, and highlighting the key decisions that are required.
Specific items that we focus on include:
- Standardising and reducing variability across the OTC process
- Improving data validation and master data management
- Ensuring systems are not siloed but rather are integrated
- Introducing key performance metrics and control measures
- Implementing governance and change management
- Optimising the team structure and organisation efficiency
- Clarifying roles and responsibilities (namely who is accountable for what)
Phase 3: Develop and Finalise
The third and final phase of the OTC review process involves the development of the final report including the assessment outcomes and recommended next steps.
Cubility is a management and technology consultancy that works with businesses to solve operational problems through tailored solutions. Our holistic approach transforms businesses by refining efficiencies and increasing their bottom-line. To speak to one of our consultants about how to optimise your business’s OTC process please get in touch with us, we would love to hear from you.
