Subscribe
BTOES Insights Official
By
April 06, 2020

Cognizant's 2020 AWARD FINALIST CASE STUDY : Best Achievement in Operational Excellence to deliver Business Transformation.

Read this article about Cognizant, Best Achievement in Operational Excellence to deliver Business Transformation, selected by the independent judging panel, for the 2020 Business Transformation & Operational Excellence Industry Awards program.

output-onlinepngtools-1

pillar%20page%20line%201

Cognizant’s Vision is to be a leader in finance and accounting services by delivering superior Customer Experience and improved business outcomes. Achieving this vision requires a strong Process Design and Implementation capability supported well by a robust ecosystem of intelligent process automation, digital platforms, domain and industry capability and enterprise-wide finance analytics.

Finance and Accounting Services is broadly broken down into three major processes – Procure to Pay, Order to Cash and Record to Report.  Of these, Order to Cash (O2C) is the fastest growing component - both in terms of number of clients we serve and in terms of revenue opportunity.  We in Cognizant have chosen to focus our energies on Order to Cash, as part of strategy to lead Digital Disruption in the area of Finance.

Order to Cash cycle determines how quickly an order from a customer goes through the journey of being accepted, fulfilled, billed for, proceeds collected and applied to the invoice and finally being closed.  Thus, the process directly impacts the sales revenue, working capital of the organization as well as its bottom-line.  Ineffective order-to-cash processing usually results in lost sales opportunities, sticky receivables, and higher Days Sales Outstanding (DSO) levels and consequently increase in bad debts. These factors in turn impact cash flows and working capital adversely, reduce operating margins, and naturally the enterprise valuation.

Some of the challenges in O2C process are processing paper documents, poor quality of customer orders, inefficient invoice processing, multiple nonintegrated legacy systems and lack of tracking mechanism of orders through various stages inO2C cycle. This leads to increase in number of aging orders as a result increasing Overall order cycle time (DSO), and the resultant working capital leading to cash flow issues to the Organization. This presents a significant opportunity for business transformation.

To address this, we at Cognizant Technology Solutions have built entire gamut of solutions to streamline end-to-end Order to Cash process. Our O2C suite of solutions have leveraged next gen technology such as Cognitive computing and Decision sciences. We have collaborated with Emagia, a leading provider of Enterprise Order-to-Cash Management (OTC) solutions to deliver highly innovative technology solutions to transform, automate and optimize receivables, credit and collections processes for maximizing cash flow.  We have also partnered with OmPrompt a specialist in Order Management with a built-for-purpose cloud platform providing EDI and non-EDI automation, visibility and control solutions for order-to-cash processes.

New Awards CTAAdditionally we have a set of our proprietary solutions grouped under ‘Digital Operations Fabric’ that enable Touchless Cash applications and Integrated Dispute Management.

Business Outcomes Delivered to our Clients

  • Reduction of unidentified payments by 90%
  • Faster cycle times and improved collections, reduced cost per order processing
  • 11 days DSO reduction resulting in a reduction on Account Receivables for ~$65M
  • Reducing Potential Bad-debt provisions for write off
  • Reduced cost of O2C operations by 30%, through a combination of process simplification, standardization and automation.
  • AR current has improved from 29% to 87% for one of our large clients

piller-line

About the Awards

The Business Transformation & Operational Excellence Awards have been established to showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs. Click here to view the Press Release.

The winners will be announced at the Awards Ceremony at The Business Transformation & Operational Excellence World Awards (BTOES) on Wednesday, March 25th, 2020, from 6.30pm in the Venetian Ballroom at the Loews Portofino Bay Hotel at Universal Orlando Resort.

The Business Transformation & Operational Excellence Awards are open to all organizations, both private and public sector, across the globe, which have implemented Operational Excellence programs to deliver outstanding business results.

The Awards will be held in conjunction with the Business Transformation & Operational Excellence World Summit, BTOES 2020 in the beautiful Venetian Ballroom on March 25, 2020 at the Loews Portofino Bay Hotel at Universal Orlando™️. Click to access the agenda, view the current speakers, and watch the highlights video from last year.

 

piller-line

BTOES.com

The issues in this article are just one of topic areas that are going to be discussed at the Business Transformation & Operational Excellence World Summit & Industry

BTOES is the industry’s biggest and best, senior-level, cross-industry gathering of Business Transformation & Operational Excellence industry leaders and senior executives.

It also hosts the Business Transformation & Operational Excellence Awardswhich showcase globally the most outstanding organizational achievements through the application of Operational Excellence programs.

The summits hosts a number of private forums for C-Level & Global corporate-level leaders as well as business unit heads.

With over 150 speakers, over 100 sessions, 12 Keynotes, 9 Track Themes, 5 parallel tracks, 60+ track sessions, 50 roundtable discussions, 20 Interactive Workshops, 6 Thought Leader Panels, 5 Leaders Boardrooms, 5 co-located events, the Industry Awards Program, Site Visits, 20+ hours of social networking including 2 gala cocktail parties, dinners, numerous group activities, this is the ultimate event to benchmark, network and drive Operational Excellence to the next level.

 

Quick Links

Speakers

Agenda

BTOES Awards

 

There is a strong focus on Cultural Transformation, Customer Delight, Sustaining an Operational Excellence program, Need for end-to-end Business Transformation, Keeping up with new technologies/impact of digitalization and Leadership Buy-in & Understanding. We dedicated two tracks to advanced technologies, such as AI, Machine Learning, RPA, Predictive Analytics, Blockchain, Cloud infrastructure etc.

The agenda is designed to encourage active meaningful conversations though all day enhanced networking and interaction opportunities, including

  • All-day Refreshment & Themed Breaks

  • 1¼ Hour Hot Breakfast Networking Sessions

  • 1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables

  • 1½ Hour Roundtable Sessions by Topic & Industry Sector.

  • Keynote & Themes Panel Sessions

  • Hosted Welcome Receptions from 5.30pm

  • Expanded more lavish Awards Program

  • Newly launched Night Summit for attendees to meet after dinner

For more information or to discuss the summit in more detail please schedule a call below,

Click here to schedule a call. 


Download the most comprehensive OpEx Resport in the Industry

The Largest Leadership-Level Business Transformation & Operational Excellence Event

The Business Transformation & Operational Excellence Industry Awards Video Presentation

Proqis Events Schedule

Proqis Digital

The Business Transformation & Operational Excellence Industry Awards

Welcome to BTOES Insights, the content portal for Business Transformation & Operational Excellence opinions, reports & news.

------------------------------ 

Submit an Article

Become a Regular Contributor

24097-Proqis-Media-Pack-Banner-300x300
ACCESS 50 VIDEO PRESENTATIONS
Access all 75 Award Finalist Entires
pdf
BTOES AWARD - NO DATE
BTOES UNIVERSAL GRAPHIC - NO DATE
Subscribe to Business Transformation & Operational Excellence Insights Now
btoes19.png
png
RPA
png
ibpm
png
Enterprise_architecture
png
financial_services
png
oil_&_gas
png
cultural_transformation
png

Featured Content

  • Best Achievement of Operational Excellence in Technology & Communications: IBM
  • Best Achievement of Operational Excellence in Oil & Gas, Power & Utilities: Black & Veatch
  • Best Achievement in Cultural Transformation to deliver a high performing Operational Excellence culture: NextEra Energy
   
Operational Excellence Frameworks and Learning Resources, Customer Experience, Digital Transformation and more introductions
  • Intelligent BPM Systems: Impact & Opportunity
  • Surviving_the_IT_Talent_deficit.png
  • Six Sigma's Best Kept Secret: Motorola & The Malcolm Baldrige Awards
  • The Value-Switch for Digitalization Initiatives: Business Process Management
  • Process of Process Management: Strategy Execution in a Digital World

Popular Tags

Operational Excellence Business Transformation Business Improvement Process Management Continuous Improvement Business Excellence process excellence Process Optimization Process Improvement Leadership Enterprise Excellence Change Management Lean Premium Organizational Excellence Lean Enterprise Lean Six Sigma Execution Excellence Capability Excellence New Technologies Award Finalist Case Study Changing & Improving Company Culture end-to-end Business Transformation Agile Digital Transformation Execution & Sustaining OpEx Projects Culture Transformation Lack of/Need for Resources Leadership Understanding & Buy-In Adapting to Business Trends Changing Customer Demands Failure to Innovate Integrating CI Methodologies Lack of/Need for Skilled Workers Lack of/Need for Support from Employees Maintaining key Priorities Relationships Between Departments BTOES18 Technology Healthcare and Medical Devices Culture Customer Experience Process Automation Exclusive BTOES Video Presentations BTOES HEALTH Innovation Strategy Execution Report Manufacturing Customer Experience Excellence Healthcare BPM Lean Manufacturing Artificial Intelligence Digital value creation Agility Insurance Robotic Process Automation Systems Engineering digital operations Process Design innovation execution data management Awards Industry Data Analytics Sustainability Transformation thought leaders BTOES Presentation Slides Data Automation Machine Learning Banking and Capital Markets Finance Speaker Presentation Professional Services IT AI Enterprise Excellence culture Robotic Process Automation (RPA) Sales Cultural Transformation Education White Paper investment banking BTOES19 Consumer Products & Retail Electricity Health Insurance HealthcareTechnologies Operational Excellence Model Project Management Algorithm Automotive and Transportation Banking Cloud Digital Global Enterprise Model (D-GEM) Lean Culture Primary Measure of succes Python business expansion revenue growth AI Solution Blockchain Digital Bank Innovation in Healthcare Business Intelligence CAIR (Client Advocacy Insights Robot) Government HR Health Maintenance Organizations Interview Learning organization Medicare Operational Excellence Example User Interface business process automation transformation journey Accounts Receivable (AR) Agile Transformation Business Environment Cloud Technology Cognitive learning Data Entry Days Sales Outstanding (DSO) Delivery solution Digital Network Digital Network Assistant (DNA) Digital Technologies Drinks Global Technology Healthy Culture Information Systems Internet Logistics Services Media NPS Natural Language Processing Net Promoter Score Optimise Business Processes Program Management Portal (PgMP) Relationship Management Six Sigma AEGIS Database Adobe Sign Automated Money Movement BPaaS Big Data Technology Biopharmaceutical BlueFIT Business Benefits CORE CX Capability Capital Market Case Study Corporate Culture Digital Workforce Digitalization Digitization E-Signatures ERP Transformation Enterprice Excellence Culture Filmed Entertainment Industry Financial Services Software Frameworks Government Programs Hoshin Planning Hospitality Implementation Kaizen Event Operational Excellence (OpEx) Organizational Learning Pharmaceutical Pharmaceuticals & Life Sciences Risk Management Servant Leadership Strategic Business Transformation Strategic Priorities Supply Chain Management Sustainable Growth Team Leader Development Program (TLDP) Transformation Initiatives Transportation Wealth Protection Products Web Logic Portal Workplace Analytics eForms eSignatures BFARM BTOES17 Big Data Processing Blue Room Effect Business Analytics Business Challenges Business Growth Business Process Outsourcing (BPO) Centralized Performance Monitoring System Child Care Program Client Feedback Strategy Communication Creative Passion Creativity Denial Management Digital Experience Digital Technology Educational Psychologist Effective Change Leaders Employee Empowerment Finance Global Operations (FGO) Global Enterprise Model© (GEM) Hospitality & Construction Human Capital Human Centered Design Integrated Decision Approach Integrated Decision Making Kaizen Natural Gas Infrastructure Natural Language Processing (NLP) Offering Managers Oil and Gas Optical Character Recognition (OCR) Organizational Change Organizational Goal People Engagement Program (PEP!) Pharmaceuticals and Life Sciences Photographing Positive Workplace Environment Price and Routing Tracking (PART) Product Identifier Descriptions (PIDs) Project manager Quote to Cash (Q2C) SAP ST-Elevation Myocardial Infarction (STEMI) Sales Quota Telecommunications Text Mining Visually Displayed eHealth master text analytics virtual resource management Agile methodology Announcement Augmented Intelligence BEAM BTOES18 Award Winners BTOES18 Awards