Optimizing Chargeback And Cash APplication Management Utilities Through Order To Cash Solutions
CHARGEBACK AND CASH APPLICATION MANAGEMENT OPTIMIZATION TOOL
For those in the c-suite who are evaluating software options to optimize their chargeback and cash application management utilities, there are multiple considerations and processes to review. From roll-out to daily production usage and maintenance, executives can utilize order to cash software to boost operational efficiency in the financial department.
Step 1: Assess Company Needs
The initial stage of the process begins with determining the individual requirements of the organization. Depending on the size of the company and the range of requirements, potential solutions may be tailored to ensure the most advantageous solution is elected. This can include evaluating all existing processes that are in place and seeing which can be automated or improved through the software or completed for free or with minimal additional costs.
Step 2: Research Solutions/Providers
Once the needs and desired capabilities of the chosen software are determined, the next phase involves research of software providers and narrowing down the selection of suitable options. While researching providers and their accompanying software, it is important to consider scalability options and other technology integrations offered. While ensuring the best product for the companies needs, it is pertinent to review the reputation of the provider and be sure that their customer service and reputed functioning of their software is credible for the financial department and its goals.
Step 3: Analyze Existing and Desired Features
As part of the evaluation process, the financial team should weigh the existing features of their existing systems and the desired features of the chargeback/cash application management tool against the inventory of features that provider’s solutions offer. This is to ensure that the companies key needs are met and that they are not investing in more than they need. As part of this analysis, the companieshould prioritize which features they deem to be the most important and use them to evaluate various options.
Step 4: Evaluate the Cost/Benefit Analysis
Once the analysis of all previous steps is complete, the chargeback/cash application optimization tool should now be assessed to reach cost/benefit analysis. This evaluates whether the cost of the new software and its associated features are worth the investment to the company, ensuring there is return on investment with efficiency savings.
Step 5: Create Implementation Plan
The final step once the optimal chargeback/cash application management tool is identified, is the design and implementation of the plan for roll-out and training. This can involve step by step process to roll-out the software, such as pilot test of key users, on-going improvements and maintenance plans, and the addition of new features. This combined with the comprehensive training of users to ensure they are comfortable in using the software system is also included.
Overall, by utilizing order to cash software, c-suite executives are able to gain higher level of operational performance and efficiency in the financial department, which can result in cost savings and positive returns. By going through the assessment and research steps outlined above, decision-makers are able to make more informed judgement on selecting the optimal chargeback and cash application management solution for their business.
