Order To Cash Solutions Simplified: A Guide From A C-Suite Perspective
ACCOUNT RECEIVABLE APPLICATION
Step one requires critical overview of current goals, which can then be tailored from the balanced scope of options available in the order to cash solutions space. Management ought to ensure that their expectations are properly captured in the process and that the needs of the business are the priority.
2. Research All Available OptionsBefore comprehensive viewpoint of the available order to cash solutions is presented, an executive should administer an initial audit of the accessible solutions, considering both the advantages and impediments of the respective options. It may beneficial to take careful notes on each option?s functionality and list its pros/cons. Doing so provides concise comparison profile to help with selecting the best choice.
3. Shortlist Choices to Evaluate FurtherOnce there is an understanding of the total gamut of solutions, the next step involves deciding which solutions should be further evaluated. When be determining which solutions merit further consideration, the executive should keep their businesses specific needs at top of mind and take notes as to why they are leaning towards particular option.
4. Invite and Analyze ProposalsAt this juncture, executives should seek out vendors specializing in order to cash solutions and direct proposal request to those shortlisted in step three. In addition, the executive should compare the received estimates and create an evaluation matrix for each solution.
When reviewing the proposals, it is helpful to weigh the features of each solution and consider the impact of each on the current account receivable workflow. Additionally, as vendors and solutions vary, comparing the specifics of each proposal can give better insight into the scope of the prospective solutions and their related advantages.
5. Select Solution and Establish Implementation StrategiesOnce the companies preferences have been accounted for and the attainability of aims determined, the execution process of the chosen order to cash solution can begin. Appointing an experienced consultant is paramount and the technicalities of deployment should be further reviewed. The consultant and the executive ought to collaborate on the methodologies of implementation and closely track the advances and pitfalls throughout the process.
The steady command of an executive and vigilant application of an order to cash solution will assuredly realize success. Keeping keen eye on all steps in the process and never ignoring the details of the businesses needs will bring the desired result. The effort of an executive in this process can bring great rewards to both customers and the company.
