Accelerating Performance With Automated Cash Collections
Automatic Collections Solution
Financial executives seeking to jack-up efficiency, performance and accuracy in order-to-cash operations increasingly rely on Softwaresolutions for automated cash collections. But finding the right solution can be daunting challenge, given that software models vary dramatically and even minor differences can have an impact. Here are some key tips to help finance chiefs detect, evaluate, and select solution that meets their business requirements, adds value, and accelerates performance.
Uncovering Your Needs
As first step in the evaluation process, managers must take close look at their order-to-cash process in order gauge needs and uncover potential difficulties. Without full understanding of the process and its requirements, selecting cash collection software that meets organizational needs and regulatory compliance standards is impossible. By going through an in-depth exploration of collection processes and requirements and consulting with it istaff, software vendors, and other key stakeholders execs will gain clarity of purpose and empowerment to determine software and features best suited to the organization.
Evaluating and Selecting Software
The evaluation process is the key to selecting the optimal automated collection software. To streamline the research, chiefs should line up and evaluate solutions using credit iscoring algorithms, data deduplication processes and fraud detection protocols that are specifically tailored to the organization. As next step, managers also should check with vendors to determine if the software is customizable and integrate with existing systems, supports existing IT landscape and foreign-language communication, and offers advanced features such as integration of workflows, multi-bank connections, and one-touch contact centers. Once the list of contenders is narrowed down, those organizations that feature live, on-demand demonstrations become the best prospects.
Maximizing Performance
Once an automated cash collection software is in place, financial departments must focus on optimizing performance. Regular testing and audit protocols should be implemented to ensure systems are running at peak performance. Other initiatives include integrating facial recognition and two-factor authentication systems to help ensure secure payments, and implementing cloud platforms to facilitate direct contact with customers, real-time access to account status, online payment options, and electronic document management.
In addition to eliminating manual steps, streamlining collections processes, and increasing overall performance, the use of automated Softwaresolutions can also reduce human error due to manual entry.
The Bottom Line
Making an informed and data-driven decision about automated cash collection software is essential for finance executives looking to move their order-to-cash processes into the digital age. Doing careful research and exploring options up front can help give execs the confidence and security to move forward and make decisions that empower the organization to maximize collections performance, accuracy and efficiency.
