- Order-to-cash is a series of business processes that include receiving and fulfilling customer requests for any good and service.
- OTC is relevant to the healthcare and MedTech industry, including pharmaceuticals, biotechnology, equipment, and distribution, apart from all other industry verticals.
- This blog discusses the importance of improving and optimizing the existing OTC process in the healthcare sector to enhance the customer experience.
Improvement in cash and working capital in the healthcare sector is a critical issue. Hence, enhancing the existing Order-to-Cash process for the healthcare sector is essential as per the research of Global Healthcare Exchange, LLC.
They conducted this research by surveying 100 financial professionals from the suppliers in the healthcare sector. It reported that 88% of finance executives feel the pressure to improve cash and working capital performance. As a result, it risks the company’s growth.
Another key focus area is enhancing the cycle time of receivables/order-to-cash. The financial executives are finding it difficult to achieve the goal without automation.
The healthcare sector, particularly the medical devices and pharmaceutical companies, are under constant pressure to deliver more with and less. They realize the importance of optimizing their existing order-to-cash process.
Read here to know everything about Quote-to-Cash.
Eight ways to optimize the OTC for healthcare
The competition is striving, and customers are demanding more. In such a situation, nothing left instead of optimizing the OTC process to enhance cash flow. Let’s discuss the top eight ways to optimize your order-to-cash process for the healthcare process:
Enable Customer Automation Management
Customer Automation Management helps you to automate all the manual transactions around the order-to-cash process. It empowers healthcare suppliers to integrate the operations by minimizing data processing time and cost. We help you to capture, centralize, share, and automate resources on a dashboard.
Here, the customers don’t need to change their existing process, and our custom OTC optimization will ensure more error-free operation.
Receiving Order with Customer Automation Management
We do order and pre-order automation to process orders accurately. It helps you to:
- Ensures visibility into future sales with forecasting and vendor managed inventory system integration.
- Integrates people, technology, and processes to offer multi-format order support.
- Scan the orders optically to offer accurate information and enter the same into the database.
Fulfill your orders with automation
By optimizing your O2C, we help you to automate the stock movement along with location and time. We also assist you in automating transactional messages and booking and bay management across your organization.
Deliver orders with automation
At CommerceCX, we help businesses to integrate and automate the order delivery system. We acquire, collate, and automate all inputs from various sources and convert them into usable data. It enables your OTC process to flag issues automatically. Also, it provides realtime OTIF metrics.
With our OTC optimization, you can link data from all transaction messages customers submit with internal systems. You can identify the issues in master data and rectify them before they get into the accounting system. Also, you can automate repetitive interventions.
Payment Notification Automation
We integrate built-in intelligence monitors to collate, capture and automate various payment notification types. You can easily flag the outstanding issues and view the unreconciled transactions.
Automate your disputes
When you optimize your order-to-cash process with us, we help you automate reconciling the suppliers and client deliveries with claims documentation. Besides, we empower you to identify general patterns of miscommunication and reduce the same.
Customer care automation
We help you to streamline and automate complaints through instant notifications. Also, it supports detecting complaint trends and product failure. The OTC optimization enables you to have a holistic view of such information in the customer care dept.
What kind of benefits your business gets by optimizing OTC?
When you optimize your order-to-cash process, you can avail of many benefits that fulfill your dream of a better cashflow. Some of the key benefits are:
- Minimize downstream errors
- Reduces DSO results in better cash flow
- Allot more time to customer-facing staff to offer better service
- E-invoicing compliance
- Standardization of all e-invoicing templates
- Boosts exception management
- Fasten the payment process
- Detects the root causes of all miscommunications
Why order-to-cash optimization with CommerceCX?
At CommerceCX, we help the many business verticals, including the healthcare sector, to implement Quote-to-Cash as per custom requirements. As an inseparable part of the QTC process, we also provide order-to-cash optimization services with a certified Salesforce team’s expertise. We help you to enhance the customer experience in every stage of the order-to-cash process.
Get in touch with us to optimize customer experience with our custom OTC optimization.
About CommerceCX: CommerceCX is a global consulting, design, and development firm. We provide organizations with the solutions and services that support the transformation of a commerce ecosystem. We specialize in CRM, Quote-to-Cash, Lead to Cash, and have strong Salesforce, Apttus, and Microsoft Technologies expertise. Leveraging our solutions, organizations can connect technology, data, and insights to unify and enhance the buying, selling, and service experience that powers the commerce ecosystem.