Order To Cash Software: A Step-By-Step Guide For The Executive
SOLUTION TO CASH APPLICATION IN ORDER TO CASH
Finance executives in need of comprehensive solution for order to cash applications now have an array of options available to them. When embarking on search for the ultimate cash application solution, executives must have clearly outlined plan of action to ensure the necessary capabilities are acquired. This step-by-step guide provides comprehensive overview of the processes required to source and implement an order to cash software solution.
Step 1: Identify Requirements
The first step in the process is to develop an understanding of the organizations needs for an order to cash solution. Some of the key parameters that must be considered include cash and invoice visibility, efficient customer interaction, standardization of processes and prompt payments. Organizations must also give due consideration to scalability requirements, particularly if they anticipate growth in volume of transactions.
Step 2: Research the Market
Executives must carry out an exhaustive market study to compare the features offered by the major players in the order to cash software market. It is important to consider not just the price range of product, but also how the product fits into the existing infrastructure. In addition, approaching the research with an open mind to novel features and new technologies will ensure that the solution remains relevant even amidst the accelerating rate of technological advancements.
Step 3: Shortlist Vendors
After identifying the requirements and researching the market, the third step is to shortlist vendors. Executives must evaluate the various products from each vendor and select those that best suit the organizations needs. This step also serves to narrow down the list of vendors to the most suitable candidates for an in-depth search.
Step 4: Determine Fit
The next step is to determine the fit of each vendor?s product with the organization. That is, executives must investigate how the order to cash software integrates with the companies existing systems and how it will interact with other applications. It is also important to assess which products offer the most streamlined and logical end-user experience.
Step 5: Negotiate
Executives must be prepared to negotiate with the selected vendors in order to secure the best price agreement. It is worth remembering that price is just one factor in making the decision and that the vendor?s track record, the scalability and flexibility of the solution and the customer support available are all more crucial to the decision-making process.
Step 6: Finalize Implementation
Once the vendor has been selected and the price negotiated, the organization must finalize the implementation of the order to cash software. The ultimate goal is to have the software installed and running as quickly and efficiently as possible. This step should include in-depth training for all involved, adequate testing of the solution and any necessary customization.
Step 7: Measure Success
Finally, the organization must establish benchmark for performance. Executives must carry out regular reviews of the order to cash software?s performance to gauge how effectively it is need achieved. If necessary, adjustments and improvements can be made at this point.
In conclusion, sourcing and implementing an order to cash software solution can appear daunting initially, but with the right knowledge and guidance, executives can ensure that the organization obtains the optimal outcome. Following the seven step plan outlined above will help executives identify the best order to cash software to meet their needs and maximize the software?s potential.
