How would you go about optimizing the order-to-cash and procure-to-pay workstreams within a supply chain?

Expert Solution

Optimize Order to Cash process within a supply chain.

1. Integrate Order Management with a CRM and effective ERP solution, this will enable the customer to seamlessly order with price and choice flowing into manufacturing, inventory control and procurement, accounting and shipping processes.

2. Automating bills and invoice that informs the customer and key stakeholders and third parties involved as well as allowing for proper tracking and follow up.

3. Collection management must be automated with incentivizing customer payments to ensure early and prompt payments. 1-2% discount could be offered to encourage early payment and a healthy cash flow.

4. Integration of delivery process with a robust inventory management along with keeping aware the customer about real-time info about the delivery schedule.

Optimize procure-to-pay workstream within a supply chain

A Procure to Pay workstream supplies into manufacturing of a product or into a service delivery process. It's not a core activity of the firm and resources/processes and workflow should be outsourced

1. It has mainly three steps/components viz. Purchasing, Supplier invoicing, and Payables management. A good ERP and Order Managment that offers every benefit of digitalization and hands off control over the three processes will smooth workflow.

2. Outsourcing the above three functions/steps to BPO firms specializing in the said areas will ensure cost saving, save resources and manage the inherent complexity of the P2P process for a firm that orders hundreds of components for manufacturing or service delivery.

keosha answered 1 year ago

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