Days sales outstanding (DSO) is a calculation designed to estimate the average length of a company’s collection process. Reducing this timeframe and shortening the amount of time it takes your company to be paid can help benefit your organization in a number of ways. This blog will focus on DSO elements that you might not have considered and explain ways to reduce DSO for your organization.
Organizations are always trying to improve efficiency, and if you haven't yet embraced financial process automation, then this is a sure-fire way you can optimize financial operations at every stage of the process. For one thing, automation facilitates data capture and makes information management easier. Furthermore, it can also make data reconciliation and validation more efficient when you're processing orders and managing customer accounts. Finally, financial process automation also makes it easier for you to compile accurate and timely reports, meaning every stage of your financial processes will be more efficient with automation.
According to a recent study, over 80 percent of organizations feel that a digital transformation is necessary to prevent upcoming disruptions to their business models. One of the main keys to digital transformation is adopting business process automation, but not everybody knows how to get started with this. Today you'll learn how enterprise content management (ECM) software can help you tackle business process automation and help you safeguard your organization against future disruptions.