by Sophia Riley | May 30, 2023 | ERP
Businesses can achieve many operational improvements with the Oracle eBusiness Suite, including production, procurement, supply chain management, logistics, and finance. Developing software specific to your organization is not prudent since most digital tools for businesses should connect with other applications smoothly.
On the other hand, IT departments have particular challenges while utilizing Oracle E-Business Suite. We’ll examine the top fix problems facing leaders and learn about products that may help employees complete tasks faster, make fewer mistakes, and perform better at work.
Top Five Problems
- Lack of Adequate Resources
Finding someone with the skills needed to run Oracle E-Business Suite (EBS) is challenging: Those available are aging and becoming outdated. Consequently, there is a more significant requirement for training in modern technologies.
The system evolved for 25 years, and the experienced personnel who worked on them are no longer accessible.
New workers are learning these skills and advancing with technology: Experienced individuals are expensive and hard to find. Due to the additional costs of integrating the software, businesses reliant on a limited budget are in danger of rising IT expenditures.
We attribute Oracle EBS issues to inadequately trained users on an application or feature. Failure to educate employees on the technology will affect its implementation and output. Businesses must implement a rigorous training procedure for EBS.
- Pressure to Reduce IT operational funds
When a company’s chances of generating income are poor, management will consider ways of cutting costs.
It may necessitate reducing the IT department’s budget to save expenses and letting go of skilled workers, leaving the company with few technicians to support Oracle EBS implementation.
A solution would be outsourcing IT services from another company or looking for affordable, innovative solutions. The options should not jeopardize ERP’s integrity and their implementation, take too long or be too expensive.
A successful ERP installation depends on predicting and estimating. No business owner wants to see excess expenditures caused by underestimating the requirement for human resources and adding skills or features to the system as an additional tool to the initial design.
Employers wishing to use the ERP system must align their skilled personnel. In most cases, businesses look outside the company, while inside staff are frequently favored.
The expenditures accrued when installing ERP are more than the original costs, and the expense of personalization is the determining factor. The cost of implementing will increase as the cost of customization rises. Therefore, businesses must be cautious about potential fees that might damage their budget.
- Spreadsheet data vs centralized systems
When constructing massive data collections such as ERP systems, consider data in spreadsheets against a central system.
After system integration, the user base adds things to a spreadsheet in Excel that the IT Department might not consider urgent, which might bring data manipulation.
Despite being valid at one particular moment, data rapidly becomes outdated, but users will have various versions for users.
It would help to clean data in an Oracle EBS to sort out outdated and unorganized data. Failure to do so causes delays, errors, and inefficiencies.
To prevent these issues, a business should adopt additional digital tools to help with the tasks. It routinely cleans up temporary data and outdated transactional data while converting the most pertinent data into valuable business intelligence,
- Data Processing Jobs Assigned to IT Staff
Data processing tasks from other departments find their way into the IT department making managers worried about overwhelming demands for the team.
IT staff may get overburdened by the custom codes or scripts necessary to finish the routine data handling activities.
Additionally, data owners may be annoyed by how long it takes to undertake straightforward tasks like process changes or uploading items. oAppsNet tools help make massive updates and uploads simple, giving companies complete control and ownership of their data.
Oracle EBS must undergo frequent testing to guarantee its performance stays within acceptable limits. A thorough testing strategy should incorporate routine tasks like financial reporting and stress evaluations to test EBS to its maximum.
Businesses must choose the proper metrics before its integration to build a basis for the program’s functionality and evaluate the effectiveness of your Oracle EBS implementation. It might be KPIs like the time or expense of handling a specific task. By selecting the appropriate metrics, you may convince essential stakeholders of the project’s worth, making it easy to analyze performance and the worker’s output.
- Data limitations impacting production
Big corporations that process a lot of transaction data may experience reduced output and financial losses due to data processing delays.
Despite Oracle E-Business Suite is an essential tool for data management, there are limitations to the software updating and uploading processes.
For example, the system processes customer requests using the bill of materials, and the operation was successful. Still, if the workers did not utilize everything, had to return them, and there were damages to the items, workers need to update the information to ensure accuracy in the stock.
Budget restrictions prevent business owners from hiring extra data entry personnel to handle the backlog. As a result, they depend on the IT Managers to devote time and money to creating efficient data-loading procedures.
Professional Service to Eliminate ERP Errors
Enterprises rely on third-party software packages more frequently than not. oAppsNET easily links Excel spreadsheets with Oracle ERP using. It helps maintain the reliability of Oracle ERP as users enter data into the system.
You may begin considering the full scope of your project by implementing a digital strategy. Also, check your anticipated costs and timing as you proceed. You can commit to a schedule or budget to address pain problems hastily and effectively.
Experts provide accurate projections based on the particular circumstances of your business and industry standards. They know what is trending in the market and how other businesses in your industry address their demands for digital business solutions.
by Sophia Riley | May 25, 2023 | AP Automation
Sales order automation can be a game-changer for businesses looking to scale. By automating taking and processing orders, companies can increase efficiency, reduce errors, and free up valuable time for their employees to focus on other business areas.
Automated sales order processing is faster and more accurate than manual processing, meaning you can process more orders in less time with fewer errors. Digitizing sales order processing reduces the costs associated with manual data entry, processing, and shipping. It can help you save money and reinvest those savings into other business areas.
Sales order automation improves customer experience by providing faster, more accurate order processing and delivery times. As your business grows, manual sales order processing can become a bottleneck. Automated sales order processing allows you to scale your business without manually processing each order.
Sales and Order Management Challenge
Businesses face many issues in order processing, especially those dealing with a high volume of transactions. The challenge involves effectively managing the entire sales process, from lead generation to order fulfillment, while ensuring customer satisfaction and profitability.
Some of the specific challenges that businesses may face in sales and order management include the following:
- Lead generation and prospecting: Finding and attracting potential customers to generate sales leads can be time-consuming and costly.
- Sales forecasting and planning: Accurately predicting sales volume and revenue can be difficult, especially in a dynamic market environment.
- Order processing and management: Efficiently managing the ordering process, including order entry, tracking, and fulfillment, is crucial for customer satisfaction.
- Inventory management: Ensuring adequate inventory levels while avoiding overstocking or stockouts is essential for meeting customer demand and maintaining profitability.
- Price and discount management: Setting prices that are competitive while still profitable can be a complex balancing act, as can managing discounts and promotions effectively.
- Customer relationship management: Maintaining positive customer relationships and providing excellent customer service is essential for repeat business and referrals.
Businesses may implement strategies to address these challenges: investing in technology solutions like customer relationship management (CRM) software, streamlining processes, optimizing pricing and discounts, and training staff to provide excellent customer service.
Digital Solution to Business Challenges
Effective sales and order management requires a comprehensive approach that considers the entire sales process from start to finish.
Digitally integrated selling and buying refers to using technology to connect buyers and sellers seamlessly and efficiently. This approach involves leveraging digital tools and platforms to streamline the sales process and enhance the customer experience, from initial product research to order fulfillment.
If you’re serious about scaling your business, get serious about sales order automation. Some of the critical features of digitally integrated selling and buying include:
- E-commerce platforms: Online marketplaces and e-commerce websites enable customers to browse, compare, and purchase products from anywhere, at any time.
- Personalization: Through customer data and analytics, businesses can personalize the shopping experience, offering tailored product recommendations and promotions.
- Omni-channel selling: By offering a variety of sales channels, including in-store, online, and mobile, businesses can reach customers wherever they are and provide a seamless shopping experience across channels.
- Sales automation: Automation tools like chatbots and email campaigns can help businesses scale their sales efforts and respond to customer inquiries quickly and efficiently.
- Data analytics: By analyzing customer data, businesses can gain insights into customer behavior and preferences, optimizing pricing, promotions, and product offerings.
- Fulfillment and logistics: Digitally integrated selling and buying also involves using technology to manage the fulfillment and logistics of orders, from inventory management to shipping and delivery.
By implementing a digitally integrated selling and buying strategy, businesses can improve efficiency, reduce costs, and enhance the customer experience, ultimately driving growth and profitability.
B2B Sales and Order Interactions
It refers to selling products or services between businesses, including various activities, from lead generation and prospecting to closing deals and fulfilling orders.
In B2B sales, the emphasis is often on building long-term relationships and providing customized solutions to meet their needs. It requires a deep understanding of the customer’s business and industry and the ability to communicate the value of your product or service in a way that resonates with the customer.
Order interactions in B2B sales involve receiving and fulfilling customer orders. It can include everything from managing inventory and shipping logistics to invoicing and payment processing. In many cases, B2B sales involve complex products or services that require extensive customization or integration with existing systems. Order interactions can be quite involved and require high coordination between departments and stakeholders.
Effective B2B sales and order interactions rely on strong communication, collaboration, and a deep understanding of the customer’s needs and preferences. By building solid customer relationships and providing them with tailored solutions and exceptional service, businesses can establish themselves as trusted partners and drive long-term growth and success.
Impact of Sales Order Automation
Sales automation can play a significant role in accelerating business growth by streamlining and optimizing the sales process. Here are some ways sales automation can help businesses grow:
- Improved lead generation: Sales automation tools can help identify and track leads more efficiently, enabling businesses to effectively target and convert potential customers.
- Enhanced sales pipeline management: With automation, businesses can track leads through the sales pipeline, analyze where they are in the buying process, and prioritize follow-up actions to move them closer to the sale.
- Increased efficiency: Sales automation can reduce manual tasks and administrative work. It allows sales teams to focus on more productive tasks like building customer relationships and closing deals.
- Better customer relationships: Sales automation can help businesses understand their customers better, personalize their communication, and offer tailored solutions, resulting in more robust and long-lasting customer relationships.
- Data analysis: Sales automation tools provide businesses with real-time data on sales performance. It enables them to make informed decisions on sales strategies and resource allocation.
Conclusion
Sales automation can be a game-changer for businesses looking to grow by increasing sales efficiency, productivity, and customer engagement. Overall, automation is a crucial tool for businesses looking to grow. By streamlining the order processing process, businesses can save time, reduce errors, and ensure customer satisfaction.
by Sophia Riley | May 23, 2023 | Risk Management
Risk assessment is a critical step in the planning process. At oAppsNET, we help CFOs improve risk management by identifying and analyzing key risks. It’s an opportunity to identify and prioritize risks and their impact on your organization. In addition to helping you identify key risks, oAppsNET can help you assess how likely they are to occur. This information can help you determine how to manage those risks.
Who Is oAppsNET?
oAppsNET is a cloud-based business process automation company that allows companies to improve their backend processes by reducing costs and speeding up the process. It’s a fully customizable platform that takes into account your companies current level of automation and future goals.
oAppsNET is designed to be compatible with most major brands of ERP Systems. You can use the platform to manage transactions for all your customer or suppliers in one place and then manage risks. It also includes integrated analytics tools that gives you in site into your cash operations so you can make better business decisions.
How oAppsNET Helps CFOs
The oAppsNET platform also helps CFOs manage their team members’ performance, giving them insight into how to improve it. This helps them identify areas where they need to focus on improving productivity and efficiency among their team members.
With oAppsNET, you can easily:
Assign risk exposure to each process, activity, or person
Risk management is about understanding how your processes operate, who’s involved in them, and their impact on your bottom line.
Risk management is a continuous process requiring regular assessment of business risks. Every hour of every day, you must think about what could go wrong and impact your business if it fails. You can’t ignore risks; they’re too important. With oAppsNET, you can assign each process, person, or other entity with risk exposure based on its impact on the overall business operation.
Identify potential risks by analyzing business processes and activities
Risk management is all about identifying potential risks and taking the right actions to mitigate the damage if they occur. While this sounds simple enough, it can be a difficult task for most businesses. This is because each business has its specific risk profile, which means it’s not immediately obvious what these risks are or how they could negatively impact your business. To help you identify potential risks and manage them effectively, oAppsNET uses machine learning algorithms to analyze your company’s existing data and identify any new risks previously unknown to you.
Prioritize your risks by considering cost and impact
Risk management entails prioritizing your efforts to spend your time and money on the areas that impact your bottom line and overall operations. To do this, you need some way of classifying different types of risk in terms of their severity or impact on your organization. Fortunately, oAppsNET has built-in tools that make this process simple for even small businesses that don’t have staff dedicated specifically to risk management or budgeting.
Generate a list of high-priority risks from your results
Improving risk management helps in identifying the risks that your company faces. This can be done in several ways, including by reviewing the results of your financial statements and external auditors’ reports or using accounting software like oAppsNET.
When you review your results, it’s essential to consider the various types of risks you face. For example, if you have a high level of debt and are heavily reliant on short-term funding from lenders, you may need to put more emphasis on reducing that exposure. If your financial statements show that there is a lot of volatility in your revenue stream, then you may want to explore ways of increasing sales volume as well as improving the predictability of your revenue streams.
Once you have identified high-priority risks, you should think about how these might affect your business in the future. Is there any way that these risks could develop into bigger problems? Are there any mitigating factors that will help protect against these risks?
You’ll see how expenses affect cash flow and whether new investments pay off in terms of returns on investment (ROI). You’ll also know when funds are needed for unexpected expenses such as bad debts or legal settlements.
by Sophia Riley | May 18, 2023 | Artificial Intelligence
The function of departments that deal with accounts payable has mostly stayed the same during the past decade: complete payments, bring spending under control, and complete bill processing, verification, and reconciliation. But how the job is being carried out is starting to undergo specific changes. Technology is advancing rapidly and will bring more changes and benefits to accounts payable teams. This is where accounts payable software comes in.
What is accounts payable software?
Accounts payable software is used to resolve the issue of having incompatible systems and procedures for approving invoices. It is no secret that the accounts payable (AP) process is manual, heavily dependent on paper documentation, and lacks the necessary checkpoints to reduce the risk of error and fraud. Despite the significance of this activity, businesses frequently need to provide it with the adequate attention and resources it requires. Surprisingly, the one procedure in an organization that calls for the most collaboration also receives the least input from the people who are essential to the process.
Once an invoice is received, it is forwarded circularly from person to person and system to system, with no care for reviewing the invoice for errors or identifying whether or not it is valid. Verifying that the signatures have been obtained is done manually if approvals are necessary. The company risks paying an incorrect bill if the verification does not occur.
AP Technology eradicates the vast majority of these issues if not all. Automation enables the creation of a central receiving location for all bills. With only one system, departments communicate and cooperate without a hitch. The details on the form are viewable by everyone, and they can also be verified. Furthermore, the technology is capable of automating the approval procedure. AP Technology can obtain approvals from the relevant parties and halt payment for any transactions that have not been approved. As a result, invoices are only paid if they have been given the appropriate approval. In addition, implementing artificial intelligence (AI) makes it possible to do away with processes that formerly required a lot of manual labor.
What is Artificial Intelligence [AI]?
The term “artificial intelligence” (AI) refers to technology that, under identical conditions, can carry out the same functions as a human. Artificial intelligence software can learn in the same way that people do. As a result, the program can process enormous volumes of data, adapt to shifting circumstances, base choices on previous data, and carry out complex data analysis tasks.
Intelligent accounts payable software uses artificial intelligence to reduce the amount of manual human processing and speed up the approval procedure for invoices. The program can set up checkpoints at various process stages to ensure each bill receives appropriate scrutiny. In addition to this, the use of AI technology makes data entry simpler.
The papers can be uploaded to the system in a wide variety of locations. After the data has been entered, AI technology can interpret the data and populate the correct fields in the system in real time. Once the data has been entered, the AI tool can index the form. When AI is used for indexing, it guarantees that the form can be searched and located in the system according to specific criteria. When done correctly, indexing can reduce the likelihood of losing an invoice.
Will accounts payable software replace human?
The widespread misconception that AP software is the answer to reducing labor expenses by employing fewer people is quite common. However, the purpose of the AP software is not to take the personnel position; instead, it is to automate many time-consuming procedures associated with the accounts payable process. If such responsibilities are removed, the remaining staff members can work more effectively throughout the day and contribute more value to the organization.
The technology that manages accounts payable does a wonderful job of easing the work for the staff. The primary function of their employment is no longer extended data entry; accounts payable intelligence automatically harvests real-time invoice data and auto-populates the code for accounts payable teams to examine. In addition, they no longer have to spend time locating specific individuals to obtain the information they require to proceed with the payment. Instead, the software will send automated notifications and reminders to the task owners. This will allow the accounts payable personnel to improve their communication with suppliers and other departments to resolve any problems.
The ability of Automated Invoice Management software to upload a huge number of invoices in a relatively short length of time enables a greater volume of work to be completed in a shorter amount of time. Companies can avoid incurring late penalties by making payments promptly because of the higher processing speed. When a company pays its bills on time, it opens the door to further opportunities, such as receiving trade discounts. Entering data manually is fraught with the potential for error. Because the software uploads the data, the likelihood of making an error is significantly reduced. Before beginning the processing of each bill, staff members can begin their work knowing they have access to accurate data.
Wrapping up
Accounts payable software is an essential tool. Not only can it be used to speed up the process of processing invoices but companies can exploit the AP data for strategic planning once a new approach that is streamlined, transparent, and efficient has been implemented. Cash flow is one example of such an area.
Because AP information comes from just one source, businesses get a more precise picture of how much money they spend. They can then utilize this data to pinpoint areas of their spending that are superfluous, freeing up more capital for them to utilize. The ability to perform an in-depth analysis of AP data can also assist managers in ensuring that the money spent goes toward areas that contribute to achieving the company’s goals.
by Sophia Riley | May 16, 2023 | Digital Transformation
The customer experience (CX) has become the core of corporate change. The fundamental pillars of enhancing customer experience are order administration, processing, and fulfillment. Organizations deal with a tremendous amount of paperwork, translating to volumes of data they need to manage. Automating sales order management is inevitable to eliminate manual tasks and speed up the process.
Order management is essential for enterprises, and numerous transformational strategies exist. This article will cover the potential for automation in order management, its most important applications, and how to revolutionize order management.
Managers are aware of the necessity for digitization because there has been an increase in utilizing analytics to optimize inventory management. Automation significantly decreases order processing time frames and saves firms money with every customer request, helping to balance supply and demand.
Sales Order Processing
After a consumer puts in an order and pays for it, order management procedures begin. The inventory section receives the order information, and warehouse staff handles the selection, packing, and delivery. A business completes the process by calling the consumer to see if they are satisfied with their purchase. Here is an overview of the steps;
Taking orders from Customer
When someone makes an order, the first phase of the order management process starts. It entails acknowledging the client’s order and obtaining payment. After that, the information about the transaction is sent to your storage facility so that the team may begin preparing the goods for shipping.
completing the order
The next stage involves completing the client’s requests. QWe can divide this phase into the following three steps:
Selection: Picking, or getting the things out of storage, is the first step in completing an order. Store employees must be able to swiftly and precisely choose the appropriate items because shelves in most warehouses are lined with various product categories. After selection, the products head to a packaging section where they are packaged.
Packing: The people responsible do more than just package and transport products. They choose the proper packing supplies for every item to ensure that the product does not get damaged during shipping and reaches the customer in excellent shape while using the resources at their disposal.
Shipping: Once selection and packaging are done, the subsequent step is to dispatch the proper order. Warehouse staff will handle several tasks:
- Labeling the package for shipping and attaching an invoice, as appropriate, to the purchase
- indicating across the sales channels that the order has been sent
- Emailing the consumer with delivery updates and purchase tracking information
When customers ask for products that are out of stock, businesses have two options: reject the consumer or delay order fulfillment later.
Post-sales activities
Taking care of the post-sale procedures is the final phase of order management. Businesses use this to communicate with clients after the sale to get feedback, confirm whether they are happy about the order processing, and handle requests for refunds and returns if necessary.
An average order management procedure consists of all three steps. Organizations choose to tailor their order management strategy to meet their demands better. Let us examine how automation can help.
Reasons to Implement Sales Order Automation
Various transformational levers fit in businesses’ e-commerce strategies. For a seamless integration of components like a website, a mobile application, purchases, scheduling, distributors, production & distribution, enterprises will implement multiple digital tools.
Organizations can benefit from automated order processing by taking advantage of features like robotic process automation (RPA), machine learning (ML), and optical character recognition (OCR). In the office’s front end, chatbots can inform clients about the progress of their orders via emails, websites, social media, and user portals.
The technology provides multifaceted insights using dashboards on consumer wallets, the average order, overall effectiveness, and shortcomings of the order execution infrastructure. Here are the benefits of integrating digital tools for order processing;
Using a digitized processing system gives businesses control over their data. Fewer people handle the data management tasks thanks to the program connecting to other business management software and tools. The administrator can provide access to company data depending on the worker’s job description and role, decreasing the likelihood of data loss. By utilizing automation, you can ensure that stakeholders, including your customers, have access to the required data while also enhancing data security.
The system takes customer orders and verifies them for processing. Also, it collects and stores client information like delivery location, ensuring staff does not enter information repeatedly. It builds databases and consolidates information organizations can use in decision-making or strategizing.
Cost Reduction
As businesses expand, the expenses associated with human errors will increase, resulting in lost sales or requiring additional resources to correct the problem. They risk losing workers due to a lot of repetitive tasks.
The situations are far more unlikely to occur with an automated order processing system as it reduces human mistakes and enables staff to concentrate more on high-value jobs.
Boost employee satisfaction
Manual order processing exposes your employees to mistakes, as data entering is tasking and frustrates them. It leads to poor productivity, and workers may quit due to the pressure. However, an automated system will support their role and improve efficiency. It boosts employee satisfaction, making them loyal to the company.
Boost client satisfaction
Consumers are ready to spend additional money on online retail transactions to receive orders faster, highlighting the desire for quick order fulfillment.
Your staff can more quickly fulfill orders using automated order processing, which will also help you satisfy client demand. It will strengthen customer connections and boost client satisfaction.
Final Thoughts
Given the benefits, enterprises must begin their automation journey as soon as possible to avoid falling behind in the digital transformation revolution. The best strategy is to research and identify the best service providers for automating order management processes.
People should be at the forefront of every business’s digital transformation. It is vital that the digital solution is scaleable to suit your company’s future requirements and include change management strategies to aid with implementation.
