Redesigning a Booking to Cash Process Essay

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Introduction

When a consumer makes a booking for a picture session at the photo studio, the booking to cash procedure begins. Bookings may be made by email or by calling the company directly. Our case study will be the Fotof photography studio. Both consumer and employee happiness have been on the decrease at this organization. This whole process may be modeled to improve production and service quality. Order administration, credit management, order fulfillment, shipping, invoicing, and payment collections are some of the ways it might be represented (Reza, 2019).

The Fotof photography studio customer satisfaction

Order management abilities of Fotof providers need to be improved. When a consumer puts an order, order management begins. Everything related to the order should be handled by the company. This includes sending an email to the sales department, personally alerting salespeople, and entering formal orders. Apart from processing orders, the organization is also responsible for credit management. In order to automate credit approval, financial software with a strong order management system should be used. This allows for a more rapid evaluation, and the order will be sent digitally to the fulfillment step.

Another method to restructure the business is to focus on order fulfillment. Inventory counts on the sales side must be updated in order to prevent accepting orders that cannot be fulfilled. If an out-of-stock order is accidentally placed, it may be marked right away. According to Kirmani and Saif (2015), the complete system should be in a consistent digital format and have all of the information needed for the employees to discern the details properly. When it comes to ordering fulfillment, the system must be checked on a regular basis to maintain high-performance standards and a smooth workflow.

Invoicing delays and inconsistencies may cause cash flow difficulties, which can affect the overall operation. The finance team can better estimate cash flows and prepare appropriately when precise invoices are provided on a consistent schedule (Mazzarol & Reboud, 2020). Costs, client data, order specifications, and order and shipment dates should all be exact on invoices. Furthermore, the corporation must protect itself against any payment backlog. The business must update its client accounts so that they do not show as unpaid when they have actually been paid. Customers, employees, and management stakeholders have all expressed a variety of concerns. These problems are listed in the issue log below.

Issue No.NameDescriptionData/ AssumptionQuantitativeQualitative
01customerThe time it takes from the picture shoot to the distribution of digital copies is called turnaround time.problem5%Angry
02customerOrders that have been mishandled or neglectedconcern1%Angry
03customerResolving consumer concerns takes a long time.problem2%Angry
04staffManagement takes too much time.concern80%Angry
05staffAppointment cancellations and late arrivals are common.concern10%Angry
06staffNumerous phone and email inquiries have been received.problem10%Angry

Conclusion

In conclusion, a booking cash process is an essential process when dealing with customers across different locations. In my own opinion, I may propose an increase in staff members. There have been very few workers serving an extremely large number of customers at one time. This has led to delays, congestion, and slow delivery of services to customers. By doing so, customer satisfaction from the good services offered will enhance their loyalty to the company. Moreover, the utilization of developing technologies is essential to the smooth operation of the booking to cash process. This is due to the fact that it lowers mistakes and aids in the integration of all corporate activities into a single hub.

References

Kirmani, M. M., Wani, F. A., & Saif, S. M. (2015). Impact of ICT on effective financial management. International Journal of Information Science and System, 4(1), 1-14.

Mazzarol, T., & Reboud, S. (2020). Work Book: Cash Flow, Profit, and Working Capital. In Workbook for small business management (pp. 117-125). Springer, Singapore. Web.

Reza, M. (2019). Financial Performance & Clients’service of Accfintax.

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IvyPanda. (2023, April 18). Redesigning a Booking to Cash Process. https://ivypanda.com/essays/redesigning-a-booking-to-cash-process/

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"Redesigning a Booking to Cash Process." IvyPanda, 18 Apr. 2023, ivypanda.com/essays/redesigning-a-booking-to-cash-process/.

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IvyPanda. (2023) 'Redesigning a Booking to Cash Process'. 18 April.

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IvyPanda. 2023. "Redesigning a Booking to Cash Process." April 18, 2023. https://ivypanda.com/essays/redesigning-a-booking-to-cash-process/.

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IvyPanda. "Redesigning a Booking to Cash Process." April 18, 2023. https://ivypanda.com/essays/redesigning-a-booking-to-cash-process/.

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