How to Evaluate an Order to Cash Automation Solution for Credit Collections

To arrive at an optimal purchase decision for an order to cash automation solution for credit collections, for any company, executive stakeholders must weigh every single factor that may come into play. Developing an effective plan and understanding the impact of correct implementation are essential for an effective software evaluation and comparison process.

The evaluation process should involve a detailed assessment of multiple criteria, such as the necessity of automation, integration, implementation, project timeline, partners and resources, and compliance. Outlined below is a step-by-step guide highlighting the evaluation of key criteria that executives can consider when evaluating an order to cash automation solution for credit collections.

Necessity of Automation

It is imperative that stakeholders first assess and understand the need for order to cash automation software. Automation can be beneficial in multiple ways, such as creating a centralized view of customers and their payments across channels, reducing the time and effort involved in credit collections and accounts receivable, and allowing clients to quickly access the payments they’ve already made and recognize new payments with ease.

Having an experts’ point-of-view towards the company’s current operations and understanding which processes can be automated can help in developing an effective automation plan. It is also important to note that automation is essential for a seamless customer experience, enabling customers to quickly access their payment histories and billing details.

Integration and Implementation

To ensure that the process of implementation works effectively and is completed in a timely fashion, the decision makers must identify and validate what needs to be integrated. The software should be able to seamlessly integrate with existing applications if there are any, and any additional hardware requirements should also be taken into consideration.

The process of implementation involves investments in terms of time, resources and money. Companies should vet their implementations partner/s and ensure they are certified and have the appropriate experience to help reduce the risk of failed implementations. Moreover, executives should assess the team size, cost and timelines of the implementations, and provide feedback and support to the implementation partner/s to ensure successful completion.

Project Timeline

The project timeline should be clear and everyone involved should be aware of the expected completion date. Achieving checkpoints on time and avoiding delays will increase the chances of successful completion of the project. Stakeholders must keep in mind that timelines should factor in any changes that may occur over the course of the project.

Partners and Resources

It is also essential for an executive to align the order to cash automation solution to a company’s business process and data map to ensure accuracy. Finding the linkages between external partners, such as inventory cycles, data sources and credit process is also an important consideration. Furthermore, selecting proper resources and partners who understand the requirement and its complexities can help the project succeed.

Compliance

Compliance is a critical consideration in an order to cash automation solution for credit collections, as failure to ensure compliance can have serious legal and economic ramifications. To ensure compliance, precise legal audits and appropriate steps must be taken to ensure that all data sources, processes, and services meet the prescribed standards.

Conclusion

Evaluating an order to cash automation solution for credit collections requires careful consideration of all the individual elements in the selection criteria. A streamlined evaluation process of the software based on necessity of automation, integration and implementation, timelines, partners and resources, and compliance will help executives make an informed, optimal decision when selecting the right solution for their company.