Optimizing The Order-To-Cash Process With An Automated Integrated Receivables Platform
AUTOMATED INTEGRATED RECEIVABLES PLATFORM
The first step to any successful implementation of receivables platform is to assess the current process in place. Before selecting new solution, companies should review their current payment practices and determine which areas could benefit from automation.
2. Prepare an Implementation Plan:Once the current system has been identified and the areas where improvements can be made identified, the next step is to put together an implementation plan. This should include any changes that need to be made to existing processes and systems, data migration requirements, timeline for implementation and training requirements for staff.
3. Evaluate Solutions:Once list of needs and expectations for the new solution has been established, the next step is to evaluate the solutions available. When looking for platform, consider options from leading providers and refer to customer reviews as well as industry awards to identify the best fit.
4. Select Implement Solution:Once the best solution has been selected, it ishould then be implemented. This will involve configuring the software, running system tests and training staff on how to use it. Any existing customers should be notified of the pending change and the new software should be ready to go live in the designated timeframe.
5. Monitor Performance Tune Platform:The final step is to monitor the performance of the new automated integrated receivables system. This should include tracking key processes and determining how long they take to complete, as well as monitoring any areas where performance could be improved. Any identified issues should be addressed with adjustments to the platform through the software provider.
The use of an automated integrated receivables platform can provide comprehensive solution for order-to-cash management. Streamlining processes through the elimination of manual data entry and the automation of electronic payments can result in increased efficiency and better customer service. With accurate and timely visibility into financial performance, finance leaders are well-positioned to maintain competitive edge and positive reputation with customers.
