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Order-to-cash (OTC) is the journey of a product or service from the point when you order to its delivery and payment. This may seem a simple process, but big supply chains have a complex order-to-cash system with many steps. Each step can have a significant impact on a company’s finances, and the team must manage it efficiently.
This journey reflects how a business operates and its proficiency in processing orders, producing cash and making payments. Some of the important elements of order-to-cash are credit policies, logistics, inventory management, invoicing, and collections.
Once the customer selects an item and places the order, a process begins to fulfil that order. These are the steps that normally comprise an order-to-cash journey –
Order-to-cash solutions speed up payments, increase financial health, and reduce bad debts. The five best practices for the OTC process are –
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