Businesses today are facing many challenges when it comes to their Account Receivable Processes. Most of their Account Receivable departments are understaffed and thereby makes manual tasks redundant and tedious, which include
- Generating customer aging reports
- Sending out emails to customers for payment remainders
- Printing of invoices and statements
Though the customers are provided with portals for viewing their invoices and payments, most of the time, collections team reach out to overdue customers via phone calls and create strategies/processes. Due to these challenges, there are a lot of automation areas that one can look at from an account receivable process. If Oracle Financial users invest in streamlining their AR process, these challenges could be eradicated in a short while.
Here are the 4 major areas which can improve some of the process automation in the existing business flow:
1) Customer Credit Score & Credit History
Setting up a process agent to monitor customer credit score and history to evaluate potential risks and mitigate losses.
2) Currency Conversions
Using process automation helps businesses located in multiple areas to keep abreast with daily rates from the currency market which is directly linked to the ERP.
3) Automated Emails
As soon as an invoice is created, the Process Automation sends the invoice to the respective customer as an attachment and triggers an email reminder on the next overdue.
4) Auto-Escalations on disputes
Potential Automation can trigger automated workflows to escalate to an account manager or a department manager as soon as the invoice goes into dispute.
These are some of the potential automation processes to foresee from an account receivable department, but there are a lot of other areas where automation can also be implemented.
Introducing RPA into your Oracle ERP will help you improve and automate your processes.
What is RPA?
Robotic Process Automation (RPA) is a technology that uses software bots to automate mundane rules-based, repeatable business processes and enables business users to focus more on serving customers or other value-added tasks. It can also perform time-consuming administrative responsibilities, which can lead to faster and less labor-intensive processes.
Some of the benefits of using RPA include:
- Seamless productivity and enhanced accuracy
- Uninterrupted 24×7 work with robots
- Better Security and compliance
- Reduced costs, leading to an increase in ROI
- End-to-end integration and implementation of automation reducing process cycle time
- Automated, productive, and intuitive task management
- Minimal data entry chores which speeds up and makes it error-free
Employees should focus on productivity and innovation but not on processing. RPA is the technology that makes their work easier in a reliable manner.
For more details on how RPA improves Oracle’s Operating model, watch our video “Transforming Accounts Receivables in Oracle Financials with RPA” where we have also provided some of our case studies.
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