bpo future forward: 8 sox controls best practices to transform the otc value chain
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8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
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8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
The Sarbanes-Oxley (SOX) Act was introduced as a regulatory compliance mechanism to protect enterprises from the jaws of scandal. However, by looking beyond compliance, SOX controls can be a lever to unlock transformation across the order-to-cash
(OTC) value chain. Here are 8 best practices to get you started.
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1The order
management system should be
interlinked with customer master, price master, and product master
database to avoid errors or delays in the order receipt
process
2
Sales order numbers are sequentially numbered and performing a
manual / system check can identify duplicate orders or
orders falling outside a specified range
BREAK DOWN SYSTEMIC SILOS IN
ORDER RECEIPT
AVOID DUPLICATESALES ORDERS
8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
1 2 3
1 1 1
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3
Notify the customer / site of a
delay in shipment by sending an advance shipping note (ASN), specifying the order
line in terms of container,
pallet or load
4
Build a workflow solution to ensure
prompt resolution of customer short or
net payments, including handling
customers’ debit memoranda
REDUCE DELAYS INGENERATING
SALES INVOICE
RESOLUTION IS THE BEST POLICY FOR CUSTOMER
INVOICING
8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
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5
Pursue major value debtors with phone
calls, and retrieve low-value debts
through automated dunning letters. This
will increase the probability of timely
payments
6
Enable automatic matching by
uploading electronic remittance advices
into the sales ledger
DRIVE VALUE-DRIVENPROACTIVE COLLECTION
CAPTURE REMITTANCEDETAILS
ELECTRONICALLY
8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
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7
Provide approvers real-time inputs on
adherence to established and updated return
policies
8
Establish a system for recording and
tracking claims and deductions with the following attributes – resolution service
standards, routing of claims, and
escalation of unresolved claims
ACCELERATE THEPROCESS OF
RETURNS APPROVAL
ENHANCE CUSTOMERSATISFACTION
THROUGH ACCURACY
8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES
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8 Sarbanes–Oxley (SOX) controls best practices to transform the order-to-cash value chain
THE SALES AND FULFILLMENT (S&F) SERIES