Advancing Payment Technology Initiatives From An Executive Perspective
Invoicing Technology
The use of innovative payment technology is gaining resonance and momentum among C-suite executives. Cost savings, streamlined operations, enhanced customer experience, and the ability to maintain global reach are all attractive prospects for any executive. For those within the finance sphere, particular point of interest lies in the potential of implementing software-as-a-service (SaaS) solution for invoicing technology.
The challenges facing executives within this domain are multiple; as technology advances and continues to be integrated across platforms and systems, executives must determine the right solution and strategy that will balance the needs of their organisation whilst enabling digital progress. This guide will provide an overview of the considerations to be given when seeking to reduce time-to-cash, minimize risks, meet specific compliance requirements, and optimize functions.
1. Develop Digital StrategyThe first question any executive must ask is: What is the organizations digital strategy? Establishing how given SaaS solution for invoicing technology fits into the wider vision is essential, as it will form the foundations for all other steps in the selection process. Answering the ‘why’ behind the decision to use the technology, looking at applicable data points such as user demographics, scalability, and risk thresholds, and choosing the best combination of solutions that meet the organizations needs, will be key components in formulating digital strategy.
2. Define PrioritiesOnce the strategy is in place, executives should identify key business priorities and objectives when considering an implementation of the SaaS solution. In the context of advancing payment technology, data points such as turn around time, growth potential, and finance payment transaction accuracy should be defined and assessed. Having clearly defined strategy and set of objectives is essential for the successful evaluation of SaaS invoicing technology solution, as this will ensure the best fit is obtained.
3. Evaluate Security and ComplianceSecurity of digital payment transactions is of paramount importance to executives, as this will have direct implications to customer trust, financial sustainability, and general operations. Executives should gain an understanding of the data security protocols in place, how customer information is stored, and which security certifications the product or service is compliant with. Taking the initiative to understand how the proposed solution meets or exceeds any applicable regulations, for example GDPR in the European Union, or CCPA in California, is of major relevance, as this will protect the organisation from legal repercussions.
4. Assess UsabilityWith data security and compliance covered, executives must assess how easy the system is to use. Achieving an optimal user experience is essential when implementing any payment technology, as this will be key to provider customersatisfaction and engagement. Ask yourself what levels of customization the system allows, how easily it can be integrated into existing systems, and consider the scalability of the solution.
5. Review Vendor SupportHaving robust set of service and support offerings should be considered critical factor in any potential implementation. Understanding the depth and quality of the technical support teams ?along with their service level agreements, response times, and track record is important to ensure any tech issues or customer requests can be handled with minimal fuss.
6. Consider Costs The final step when choosing SaaS solution for invoicing technology should appraise the costs involved. Review pricing plans, hidden fees, and other costs associated with upgrading, security features, or adding users. It is also important to check for scalability and/or expected costs when the number of transactions increase over time. Evaluating the cost in isolation, is of only minor value, compare the cost-benefit against the requirements of the organisation to ensure the asset is properly leveraged.
ConclusionChoosing the right SaaS invoicing technology solution for an organization is complex decision for any executive. Aspirations for cost savings, streamlined operations, and enhanced customersatisfaction must be well balanced against considerations such as data security, scalability, service and support, and C-suite objectives. Executives must evaluate potential solutions against their organizations’ distinct needs, ensuring they make the right decision to advance their digital payment technologies.
