Exploring Automated Order-To-Cash Solutions: A Guide For The C-Suite
Automated Order To Cash Software
Automated Order-to-Cash solutions are rapidly changing finance organizations in terms of both bank payments and ERP systems. Companies strongly committed to cost savings have adopted its automated processes to streamline every stage of the order-to-cash process, from approving new orders, to recording bills and preparing invoices, to credit control and closing open invoices. However, for any senior executive or C-suite professional working in finance, understanding and evaluating these solutions can be difficult and time consuming. As such this article provides guide for individuals in the C-suite looking to explore automated order to cash solutions and the specific areas to consider when assessing them.
First, it is essential to identify the areas that Order-to-cash solutions can impact. Automated solutions can be employed to support various processes, including accounts receivable, billing, sales orders, and collections. Once these processes are evaluated, organizations must address issues such as the ease of adoption, user experience, compliance, security and cost associated with the solutions.
Ease of Adoption: When evaluating an order-to-cash solution, it is important to assess its complexity and ease of adoption. The solution needs to be intuitive and user-friendly, with minimal disruption to existing systems and processes. it ishould also be flexible in order to simplify and streamline new payment processes, along with implementing additional digital solutions and platforms.
User Experience: Automated processes should also be designed to optimize the user experience and process automation. The solutions should be clear and concise, providing smooth and simplified workflow for users to identify orders and quickly complete the execution process. Furthermore, good order-to-cash solution should enable users to customize their experience and adjust and automate several processes, including approving and managing orders, generating invoices, and capturing payments.
Compliance: In order to ensure sound compliance framework, organizations must consider several factors. For example, the solution must properly manage invoice and payment data and capture customer data to facilitate compliance with data privacy regulations. The solution must also support applicable banking, payments and fraud regulations and should be equipped with automated triggers and processes to minimize the risk of fraud. Finally, the solution must be able to process payment intakes according to the organizations governance rules and practices.
Security: Security is vital element when assessing automated order-to-cash solutions, and organizations must ensure that the solutions have the appropriate security measures in place. The solutions should be regularly audited, and the organization must assess how well the solution safeguards its data. Additionally, organizations should consider whether the solution enables two-step, multi-factor authentication to further protect users from cyber-risks.
Cost: Cost is key consideration when evaluating order-to-cash solutions and organizations must assess the overall cost of the solution, including the setup costs, licensing and maintenance fees and any additional transaction fees. Furthermore, organizations should look beyond just the cost of implementing the solution and consider the cost savings associated with its use, such as reduced manual labor, time savings and improved time to market.
In conclusion, organizations must consider several factors when evaluating automated order-to-cash solutions. Organizations in the C-suite must identify the areas impacted by the solutions, assess the ease of adoption, user experience, compliance, security, and cost and then use this information to make an informed decision.
