Practical Guide To Implementing A Group Credit Control Manager Solution
GROUP CREDIT CONTROL MANAGER SOLUTION IN AR
Harnessing the power of modern payment software offers organisations an immense return on investment in terms of time savings and increased transparency. Group Credit Control Manager (CCM) solution provides an efficient, predictable, and cost-effective way to manage and improve payments processing capabilities. This guide outlines the process of outfitting an organisation with CCM solution to streamline accounts receivable (ar) processes.
Defining the Need
Before setting up the CCM solution, executives must define and understand the organisation’s needs and intended outcomes. Executives should consider factors such as collection goals, ar processes, current ar systems, and ar services or products used. Doing these steps provides clearer picture of the organisation’s current status as well as tangible data to evaluate the implementation of CCM solution.
Selecting Provider
Once executives define the need, they must identify and select suitable provider. Identifying the best provider is critical to successful implementation and adoption of the CCM solution.
Executives should consider provider background and the CCM solution?s features, integration capabilities, return on investment (ROI) potential, cost, customer service and support availability, and credit risk management features. They must determine how the CCM solution could overcome current ar problems, improve ar processes, and expedite payment collection and management.
Implementing the Solution
Implementing CCM solution ustilises multiple components, processes, and stages. The first step is to map out an ar process workflow and develop an order of tasks. Executives should liaise with the provider to understand the supported features and design changes to the current ar processes to accommodate the CCM solution’s features.
The process begins with the capture and entry of customer data, typically done automatically through customer-facing ordering system or similar framework. From here, the provider integrates the CCM with existing ar systems, business intelligence/analytics methods, and other finance or customer service platforms. This step allows for automated ar processes, eliminating manual tasks and inaccuracies.
Executives must also ensure that stakeholders are informed about the CCM and its performance. Reports, analytics and drill-down capabilities should be designed with the user?s needs in mind. Providing detailed metrics, custom reports, and analytics will ensure users have the information needed to make data-driven decisions.
Payment Processing
The CCM aims to optimise payment processing. Automating the account reconciliation, and payment processing is fundamental to the CCM’s purpose. To process payments, the provider configures payment reconciliation engines, which allow users to match customer payments to open invoices, bills and statements intelligently, providing quick, accurate payments processing.
The provider should also configure integrated payment channels. This enables customers to pay directly through their chosen method. Moreover, executives should configure payment scheduling and rescheduling capabilities to streamline B2B and B2C payments.
Evaluating the Solution
Once the implementation phase is complete, executives should examine the performance of the CCM. Evaluate the initial ROI based on staff and customer data, the effectiveness of collection goals, and the generally improved performance of ar operations in and out of the CCM framework. Executives should audit the internal and external ar data, processes and feedback to determine how well the CCM solution has benefited strategies.
Incorporating the CCM solution into the business network allows organisations to become more efficient and cost-effective. This guide provides comprehensive overview of the processes required to set up and implement CCM solution and the subsequent evaluation of its performance. Executives should identify and select provider who can adequately meet their needs and then use the long-term results to ensure their investment in CCM solution produces substantial ROI.
