Are Broken Processes Eating Your Profits?
Every year, you hold it up for the analysts to admire, and then give some to your shareholders; it’s what they love you for. Your customers are reassured by it. You invested a lot to get it. And it's what drives bonuses.
Truthfully: it's the reason most businesses exist.
If there isn't as much of it as was forecasted, we suspect something may have been taking chunks out of yours.
If your processes require a lot of manual interventions to keep them flowing, delighting your customers will be costing you more than it should. This is especially true of order-to-cash processes, where research pegs the cost at between 10-30% of profits.
Why broken processes might lead to half-eaten profits
Using your staff to fix broken processes undervalues them and has a detrimental affect across the whole chain of supply. Manual intervention increases error rates, delivery times, order cycle times, return freight charges, disposal and put-away costs, fines, and DSO (days sales outstanding). All of these eat into the time and resource which could be, instead, adding value to your business.
SSON and automation management experts, OmPrompt, are running a survey for global OTC process owners to get to the truth about where process inefficiencies are costing you money.
If you have responsibility for any part of order-to-cash, please take part. The survey closes on the 17th February and participants will receive the summarised results as an infographic.
Take part HERE.
Note: Please forward this link to colleagues you think might benefit from this research.