A Comprehensive Guide To Selecting The Right Order To Cash Solution
Order To Cash Flow
The initial step towards selecting the right Order to Cash solution should involve comprehensive exploration of the business current Order to Cash needs. What are the business current capabilities related Order to Cash? Are there any manual processes that need to be automated? Is the process integrated with any 3rd party software? Which processes are required and which ones can be done more efficiently without? Fine-tuning the configuration of the solution will generally require more comprehensive change management and deliberations, hence taking stock of the current status will help prioritize which requirements the business hopes the solution will fulfill.
Step 2: Analyze Your business Future NeedsIt is essential to consider the potential issues that could arise in the future and how they can best be addressed. What internal KPIs and objectives need to be handled by the new solution? What are potential customerservice or payment-related issues that could arise? Address as many future scenarios and requirements as possible in order to provide an accurate foundation for the selection process and ensure the long-term success of the solution.
Step 3: Perform Extensive Vendor ResearchSince selecting the wrong solution could be disastrous for the business, it is important to spend ample time and resources on assessing the respective vendor?s offerings and familiarizing oneself with their technical problems and requirements.
Here is where executives should ask any questions related to their current needs, such as what processes does the solution cover and is it compatible with existing software? Make sure to check customer testimonials about the vendor, and pay special attention to the customersupport services. Prioritize vendors based on their actual customer feedback.
Step 4: Assess TCO When selecting the right Order to Cash solution, executives must evaluate the total cost of ownership (TCO) of the vendors? offerings. Usually, the lower initial charge of the solution may not be indicative of its long-term profitability so it is important to comprehensively assess long-term maintenance costs, user licenses, scalability and customerservice costs.
Step 5: Run Detailed Piloting and TestingExperts recommend conducting detailed piloting and testing of the preferred solution before fully committing. Demo/sandbox version of the solution should be set up in order to obtain better understanding of how the system works in close to real field-usage conditions.
Knowing that the solution is long term investment, it is important to test its stability, system liminality, customersupport and its ability to integrate with business existing architecture. Testing for security, usability, scalability and user experience are also integral steps which should not be forgotten in the investigation process.
Step 6: Negotiate the TradeOnce all the ground-work has been done, and solution has been identified as the best-fit for the business, it is time to move forward with the negotiations. It is here that executives can negotiate the price and other aspects of the solution. Be sure to include SLA and termination terms, as well as the warranty parameters. Finally, before the contract is sealed, make sure the vendor is setting up realistic expectations.
By following these steps and weighing each and every aspect of the Order to Cash process, executives will be able to select the best possible solution for their business current and future requirements. Careful consideration of costs, customerservice and scalability will be critical to success, while also saving the business considerable time and assets.
