An Executive Guide To Deploying Order To Cash Automation
Degree Of Automation In The Cash Application Software
Automating financial processes can be daunting undertaking for any organization. Executive leaders in the finance departments of corporations, non-profits, and government entities all face the same question: What solution should be used to optimize degree of automation during the order to cash process? To answer this question, comprehensive two-step guide will be presented to enable Executive stakeholders to make an informed decision regarding the implementation of an order to cash automation solution.
Step One: Performing an Inventory of Current Processes
Before evaluating potential solutions, it is essential to catalog and gain an understanding of all manual processes currently in place within the organization. The review should encompass all aspects including the areas of customerservice, accounts receivable and payable, banking, and order management. Once these processes have been outlined, the next step is to identify facilitation areas. This involves assessing which physical and digital mediums are used, and any functionality or information gaps.
Step Two: Evaluating Providers
With clear understanding of the organizations current environment and needs, the next step is to review vendors offering order to cash automation solutions designed to expedite billing and payments. It is important to review the functionalities provided by each provider, including their cloud-based capabilities, integrated wallets, and cards on file, and automated payment workflows. Additionally, it is useful to understand how easy it is to initiate and maintain the relationship with that particular provider, factoring in the cost of installation and ongoing subscription fees if applicable.
Conclusion
It is without question that automating financial processes enables organizations to dramatically improve efficiency and reliability throughout the entire order to cash process. To ensure the ideal solution is implemented and utilized to its fullest potential, Executive stakeholders must deem both process inventorying and provider evaluation critical components of the overall strategy. Doing so will assist in the deployment of an automated order to cash solution that yields the highest degree of automation while maintaining performance standards and sustaining ROI.
