Maximizing Receivables And Collections Management Through Order To Cash Solutions
Receivables And Collections Management
In todays competitive market, business executives must identify new tools and technologies to optimize their order to cash processes, ensuring their companies have healthy receivables and collections management. Several vendors offer order to cash software that provides automation, just-in-time business operations, and increased customersatisfaction. Implementing one of these solutions into your organization is huge undertaking, with countless decisions to be made and features to be evaluated. To help business make the best decisions for their organization, we have created step-by-step guide for evaluating order to cash solutions.
Step 1: Evaluate Your companies Needs
Before setting out on the pursuit of an order to cash solution, it is important to take step back and evaluate what your companies needs are. To do this, consider the current state of your receivables and collections management and what areas need streamlining. Are you looking to decrease time delays from order entry to settlement? Control costs needed to cover manual administrative tasks? Increase customerservice? Reduce manual errors? All of this should be done before researching potential solutions.
Step 2: Speak with Your SMEs
Now that you have better idea of what needs you’re looking to fulfill, it is time to speak with your Subject Matter Experts (SMEs) to get better understanding of what modern order to cash solution looks like. Many SMEs know these kinds of solutions better than anyone, and will be able to provide you with valuable feedback, while also helping to identify what process changes are needed in order to successfully implement the solution.
Step 3: Research the Market
Receivables and collections management technology has been rapidly evolving, and there are now many vendors that offer order to cash solutions. It is important to research the features and capabilities each vendor provides, in order to determine which solution will best meet your companies needs. It is also important to research the vendors’ customerservice, technical support, and pricing structures.
Step 4: Run Test Projects
Before making any decisions, it is important to run test projects with few of the order to cash solutions you are considering. This will help to give you better understanding of the features and capabilities of each solution, allowing you to make an informed decision. It is also good idea to have the project overseen by the SMEs from Step 2, who can provide valuable feedback and insights.
Step 5: Identify Resources Needed
Before implementing an order to cash solution, it is important to identify the resources needed to successfully implement, operate, and maintain the solution. You will need to consider training, personnel, IT/network, and budget needs. This is important, as it will ensure that you have all of the resources available before investing in solution.
Step 6: Make Your Decision
By now, you should be well informed and ready to make decision on which order to cash solution is right for your company. Consider everything that you have learned throughout this process, and make the best decision for your companies goals and objectives.
Conclusion
By following this step-by-step guide, you can make the best decision for selecting receivables and collections management order to cash software for your organization. Keep in mind all of the points mentioned, as well as research and testing, and you will have the tools needed to make an informed decision, ensuring that your organization can maximize its receivables and collections management capabilities.
