Cutting Credit Exposure: An Executive Guide To Creating An Order To Cash Solution
Ar Credit Exposure Analysis Solution
When accounting for risk, it is essential for business C-Suite executives to understand the complexities of their organizations order to cash system. An order to cash system is business process with multitude of components, from sales ordering and payment acceptance, to credit and collections. As an executive leader, it is your duty to make sure that system is in place that reduces the financial risk and accurately monitors customer credit.
The best way to reduce credit exposure is through an automated and configurable order to cash solution. This guide will provide you with step by step process for finding and implementing credible solution for your enterprise.
Step One: Research Credible Solutions
Finding the right order to cash Softwarestarts with research. Gather information from variety of sources to ensure you are aware of the features, capabilities and best practices that would suit your business. Read tech blogs, speak to software vendors, consult with experts and connect with representatives from other companies who have gone through the same process. By speaking directly to software vendors, you can set expectations and ask questions about the effectiveness and customization options for the software.
Step Two: Assess Your Business Needs
Once you have thorough understanding of the technology and its applications, the next step is to find out what your business needs in an order to cash solution. Many companies require customization, scalability, the ability to monitor credits, and options to integrate with back-end systems. Additionally, you will want to make sure the order to cash software is comprehensive and user-friendly so that employeecan instantly use the system without extensive training.
Step Three: Review Vendor Options
Once you have gathered the necessary technology and have assessed your companies needs, the next step is to review the options and make determination of successful fit. Before making final decision, make sure the positioning statement of the order to cash solution matches your companies mission, values and vision.
Step Four: Set Up Internal Evaluation Process
Before finalizing the solution for your order to cash process, set up an internal evaluation process to assess the capabilities of the software. Executives should evaluate financial risk reduction, customerservice and operational integration of the order to cash software.
Step Five: Test the Software
Once executives have set up the internal evaluation process, it is time to test the software. This should include evaluations from various departments in your company, such as technology, finance, marketing, and operations. Perform testing on both the implementation and functionality of the software. Use feedback from the testing process to decide if this software meets all of the requirements of your specific organization.
Step Six: Negotiate and Finalize
Once you have identified successful fit and have tested the software, the next step is to negotiate the terms and finalize the selection. Consider cost and payment terms, as well as training and support. Additionally, ask questions about customerservice and technical support in the event of questions, issues or problems.
Step Seven: Implement and Monitor
Once your company has selected the order to cash software, the next step is to implement the solution. Be sure to review the roll-out plan to ensure smooth and efficient deployment of the software. Additionally, it is important to monitor software performance regularly and make sure employeeare performing optimally with the new order to cash system.
Conclusion
Finding and implementing the right order to cash software is essential for any business C-Suite. Executives must ensure their order to cash solution is reliable and secure, and that the solution has the capabilities to reduce credit exposure and maintain positive customer experience. By following these steps and carefully researching the options, you will have the assurance of having successful and effective order to cash solution.
