Order-To-Cash Solution Technology: Unlocking Profitable Streams Of Revenue
RECEIVABLES SOLUTION TECHNOLOGY
The Order-to-Cash process constitutes one of the most significant profit-drivers in any businesses operations. Oftentimes, cumbersome aspects of order processing have the potential to slow down customer revenues, while customer experience diminishes as result. That?s why well-managed solution for receivables can break open lucrative streams of cash flow. With the right setup, companies can offer customers seamless payment process, existing contracts can be quickly fulfilled, and revenue streams can be unlocked for maximal customer satisfaction and long-term profit.
A Solution for Receivables: What to Look For
The ideal solution-for-receivables software will offer features allowing the business to grant customer credit, create customer hierarchies, integrate back-end accounting applications, separate taxes from original invoices, and provide visibility through built-in reporting tools. Within the solution, users should be able to specify payment terms for customers that can be adjusted per customer, contract, and currency. Microsoft Dynamics 365 for Finance and Operations has earned reputable name in the industry, standing out among other O2C solutions by providing its users an upper hand in the order-to-cash process.
Integrating an Order-to-Cash Solution
Once the tracking software is chosen, the integration phase begins. To ensure the success of the transition period, the companieshould have clear checklist of steps it can take to ensure smooth installation.
1. Gather the necessary documentation. In order to install the program properly, companies must be in possession of the right documents, such as licenses, ID numbers, and order forms.
2. Create timeline. Deadlines should be kept in mind when it comes to the installation of order-to-cash solutions. The project should be broken down into blocks, with achievable tasks set out at regular intervals.
3. Install and configure the solution-for-receivables software. All settings should be adjusted in accordance with the businesses order-to-cash workflow.
4. Train employees. All positions relevant to the order-to-cash process should be trained on how to maximize the solution?s utility.
5. Create back-ups and test the system. Before going live with the software, the transition should be properly tested ensuring customers will have good experience when using the order-to-cash system.
6. Go live. Once all of the steps are fulfilled and tested, go-live date should be established. During this period, any remaining issues should be attended to.
Conclusion
Having well-oiled, comprehensive O2C technology in place can streamline customer transactions, thereby generating handsome revenues for businesses. As noted, the key to success is having the right order-to-cash solution, capable of being integrated without disruption to business operations. Provided the transition is handled in an orderly fashion, the process of greatly increasing customer payment can be made an easy and successful one.
