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.
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.
Additionally 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
Business Transformation & Operational Excellence Industry Awards 2020
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.
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 Awards, which 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
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
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All-day Refreshment & Themed Breaks
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1¼ Hour Hot Breakfast Networking Sessions
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1½ Hour Hot Plated Networking Lunches with Topic & Industry Sector focussed tables
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1½ Hour Roundtable Sessions by Topic & Industry Sector.
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Keynote & Themes Panel Sessions
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Hosted Welcome Receptions from 5.30pm
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Expanded more lavish Awards Program
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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,