Order To Cash Solutions: A Step-By-Step Guide
ORDER TO CASH SOFTWARE VENDORS
Achieving financial efficiency is priority for any executive working in the finance department; one of the most fruitful ways of doing this is ensuring the optimization of the order to cash process. This guide will serve as comprehensive and practical resource to those seeking an order to cash solution.
1. Identify the Root Causes. Before deciding on any outside solutions, it is important to identify and diagnose the root cause(s) of any inefficiency or distress in your financial operations. Common causes of repayment and order to cash woes include inadequate staffing, improper training, poorly defined process, and lack of technology, among many others.
2. Perform Cost/Benefit Analysis. After identifying the root cause(s), it is imperative to determine the best solution for all parties involved. This will involve weighing the costs and benefits of each potential solution. Depending on the size and scope of the problem, this might also include estimating potential cost/benefit differences across periods of time.
3. Choose an Order to Cash Solution Vendor. Based on the results of your cost/benefit analysis, highly-specialized vendors should be identified, contacted, and vetted for their suitability for solution within your specific context. When vetting vendor, it is important to consider the following: price, scalability, customization, training, customer service, and features. Additionally, review any references they may provide regarding their previous solutions.
4. Develop Rollout Plan. After selecting your order to cash software vendor, partner with them to create comprehensive rollout strategy. This plan should consider every step in the process and answer such questions as: When will the software be made available? How will it be installed and run? What training is necessary? What kind of support and maintenance is required in the event of problem with the software? The vendor should be invaluable in creating this strategy, though it does ultimately the responsibility of the finance executive.
5. Monitor the Results. Once the rollout plan is implemented and the software is operational, monitor the results and outcomes of the order to cash solution. Taking stock of the success of the solution should occur routinely, and any necessary revisions or improvements should be made in order to optimize the software. This is the key to ensuring its effectiveness increasingly over time; adapting and flexing the program as needed to ensure continued optimization.
In conclusion, leveraging an order to cash solution is an invaluable asset to any executive in the finance space. By following this step-by-step guide, an executive can confidently choose and implement such solution, ultimately optimizing their financial operations for maximum efficacy and efficiency.
