Leveraging Credit Management Software To Streamline Order To Cash
A Credit Management Software Application
A streamlined Order to Cash (O2C) process is critical for business to realize the benefits of their cycle activities and gain the greatest efficiency and accuracy. With the right credit management software in place, organizations have the capacity to reduce their costs and enable the faster, more accurate invoice creation that O2C typically requires.
When it comes to the nitty-gritty of selecting and installing software, many C-level executives are uncertain of the best approach. This article will take you from development of your O2C requirements to installation of the credit management solution, delivering an associated ROI. Read on to learn the nuances of choosing and implementing software that optimally leverages your credit management resources, while ensuring accuracy and compliance in all steps of the O2C process.
Gathering Requirements
The initial step in selecting credit management solution is the development of detailed and comprehensive list of requirements. In this instance, the requirements reflect an ideal O2C process. Create task force, if necessary, and take into consideration stakeholders from all departments likely to be involved in the O2C process. Consider actionable item requirements regarding how goods and services should be priced, invoiced, approved and paid for. At this point, involve your IT team to assess the ability of your current infrastructure to host and integrate the desired software.
Sourcing Credit Management Software
Once you?ve developed the requirements, move on to sourcing suitable credit management Softwaresolutions. Start with your own research and due diligence, utilizing publicly available resources such as Capterra and G2. When it comes to deciding which credit management software meets your needs, do not let marketing materials and posters developed for conference halls influence your decision.
Focus your ability to make reliable assessment by listening to other customers’ experiences. These should involve purchasing, finance, sales and IT personnel. They should be the stakeholders in the selection of software and should be able to provide insights into how the software has driven ROI and process efficiencies.
Software Implementation
When you make the selection, you are now at the stage of implementation. This may involve anything from complementary modules that may require cloud-hosting or the transition from on-premise to cloud-hosted solutions. Engage consultant who is versed in the Ins and Outs of the O2C process, and bring them on board to support the project.
Seek timeline that is dictated by business relevance and document the expected transition processes. This should provide blueprint for the rollout, which should be communicated to both staff and stakeholders.
Testing and Training
The transition should always include an extensive testing period, engaging the staff that will ultimately use or be affected by the software. The test period is your final opportunity to ensure that the system aligns with the requirements lists that you developed previously.
During this phase, you can also begin developing training materials and programs for staff who will access the system. Take into consideration offsite and remote employee and develop solutions that provide an efficient and beneficial transition to the new technology.
ROI for Credit Management Software
The transition phase should also involve final review phase. The review that should compare initial requirements and expectations to the actual outcome of the project. This measurement is especially applicable in the instance of ROI assessment.
The exact ROI achieved depends upon the sizes and scope of the organization and the complexity of the O2C process. comprehensive and measurable ROI will require project management due diligence to ensure that all phases are documented and monitored during the transition period.
Conclusion
The primary benefit of investing the time, energy and resources into credit management Softwaresolution fits into one word, Compliance. You need software that adheres to all applicable regulations. This, in turn, allows you to achieve the process efficiencies in the O2C process, ultimately enabling you to extract the associated ROI and financial benefits.
The work presented in this article is designed to provide framework in selecting, implementing and realizing the ROI on credit management software. This process enables finance departments to remain compliant with digital transformation strategies and support the achievement of associated ROI.
