Unlocking The Benefits Of Order To Cash Software For Executive Buyer Portals
BUYER PORTALS
The buyer portal experience is an integral part of order to cash enablement. Organizations stand to gain greatly from the efficiency and automation of customer self-service options that the buyer portal provides. Executives tasked with evaluating order to cash solutions should not overlook buyer portals as part of their decision-making process as the successful integration of buyer portals into software services can provide considerable added value to their business.
This article seeks to explain the advantages of integrating buyer portals into order to cash software and provide step-by-step guide for using the functionality for maximal benefit. By the end of this guide, the reader should be empowered to make well-informed decisions when choosing order to cash software that has buyer portal capability.
What Are Buyer Portals?
Buyer portals are web-based self-service platforms that customers leverage to access their accounts, submit orders, make payments, inquire about order status, and more. In addition to liberating customer service agents of more mundane tasks, buyer portals also streamline the order to cash process and significantly speed up customer?s overall experience.
One great advantage of buyer portals is that they allow customers to update or change their orders quickly and easily without the need for customer service staff to be involved. This speeds up order processing time by cutting out the email back and forth necessary for order changes or cancellations and significantly reduces the time involved in keeping order status updated.
In addition to their streamlined and expedited approach to the order to cash cycle, buyer portals also generate valuable customer data that can be used to more efficiently assess customer behavior and optimize the overall customer experience. For instance, buyer portals easily capture customer-performed activities, such as product selection, order frequency and amount, shipping details, payment info, and more. With information like this, organizations can gain powerful insights into their customer realities.
Step-by-Step Guide for Integrating Buyer Portals Into Order to Cash Software
1) Identify desired customer self-service offerings: Before implementing software that includes buyer portal platform capabilities, it is important to identify the customer activities that software should be capable of managing. Ask yourself what tasks you want the buyer portal to facilitate, such as ordering and tracking, account updates and tracking, payment management, or product selection. This will make it easier to assess the different buyer portal software solutions available to you and make sure that the option you choose covers all the required customer self-service offerings.
2) Select the most suitable software: After identifying the activities buyer portal should cover, research and select an order to cash software that best suits your companies needs. Make sure the chosen solution satisfies pre-set criteria and covers all of the requisite customer service activities identified in step 1.
3) Set up customer accounts: Once software is selected and purchased, the organizationshould then set up customer accounts and input the relevant customer information (sales tax rate, address, shipping and payment details, etc.). Make sure all accounts are created accurately and the customer information entered is up-to-date.
4) Configure buyer options: After creating customer accounts, configure the buyer portal platform to provide customers with the desired self-service options. Set up the accounts to allow customers to access their accounts online, update or adjust their orders upon request, submit inquiries about invoice approval, schedule delivery dates, and more. Configure the system according to the companies needs and make sure buyer options are accessible and easy to navigate.
5) Test functionalities before rollout: Before fully rolling out the integrated buyer portal options to the customer base, it is best to test the system?s accuracy and make sure all functionalities are working as they should. Make sure any errors are spotted quickly and corrected before the portal goes live.
6) Educate customer service staff: Once the system is up and running and successfully tested, it is important to make sure customer service reps are educated on the new order to cash system and buyer portal options. This way, customer service reps can answer customer inquiries and direct customers to the appropriate self-service portals when applicable.
7) Roll out to customers: After all tests are complete and customer service staff is prepared and educated, then it is time to finalize the integration of buyer portal options into the software service and roll out the portal to customers. When releasing the portal, alert customers of the new and improved order to cash options, as well as any other software changes, by way of an email or other means of communication.
8) Monitor for success: Once the buyer portal is rolled out to customers and in full operation, keep an eye out for any errors or issues. Monitor the success of the buyer portal implementation and the platform, which includes tracking customer feedback and satisfaction with the service. Utilizing customer input to modify and tailor the service to optimize the order to cash process is key to the success of the buyer portal.
Conclusion
Buyer portals are valuable and necessary component of order to cash enablement, and one whose advantages far outweigh the effort necessary in its successful integration into an order to cash system. By following the eight-step plan laid out in this article, organizations can develop an informed and effective method for utilizing buyer portals to their greatest advantage and reap the rewards of an efficient and streamlined order to cash process.
