Optimizing Operational Performance With Order To Cash Automation Software
DEFINITIVE GUIDE TO BUYING AR AUTOMATION
For the corporate entity aiming to optimize operational performance, and add value through order to cash automation, the process of researching and procuring software can be overwhelming. For C-suit is, this is top priority as the software?s ability to directly and positively impact organizational efficiency is clear. Achieving new levels of optimization requires some investigation of the software landscape and, ultimately, making an informed decision about which tool is best-suited for the organizations needs.
In the face of an increasing number of software options such as SalesForce CPQ, NetSuite, and Brightpearl, financial executives must be rigorous in evaluating each choice and ensure that the best-fit isolution addresses the companies objectives. Careful deliberation can alleviate ambiguity about the purchasing decision and lead to product or suite of products with maximum benefit-cost ratio. To start, executives must chart out requirements, which includes studying current processes, defining long-term objectives, and accounting for associated costs.
In the context of order to cash automation software, diligent research begins by looking at the organizations current order-to-cash system, its components, and how they interact. This allows decision-makers to identify potential areas that need improvement and potential new capabilities that could be acquired with alternative software. The requirements of the new system should account for the range of input and outputs of the order-to-cash process. This includes making sure that there is integration with existing systems, and that the output formats correctly handles requests for financial statements, invoices and quotes, as well as timely orders.
By having clear understanding of the current order-to-cash system, financial executives can begin to identify the features new software should have in order to adequately fit the organizations needs. These features should include the capability for multi-channel orders, customizable billing, and payment capture into existing ERP systems. Credit management, bank reconciliations and strong analytics represent additional considerations that can have positive effect on operational performance by increasing revenue and decreasing transaction costs.
From the C-suite perspective, an equally vital component of researching order-to-cash automation software is conducting cost-benefit analysis. Critical questions such as cost of installation, maintenance, performance standards and availability of customer support should all be evaluated. As many of these solutions are offered through subscription pricing structure, payment and payment terms should also be factored into the analysis.
A comprehensive cost-benefit isummary can answer what may be the most important question: Is the proposed solution worth it? If the software application results in increased efficiency and improved financial returns, then it is an investment that must be considered.
By following logical process of requirements gathering, feature identification and cost-benefit analysis, financial executives can be more confident in their decision and enjoy the rewards of optimized operational performance through order to cash automation software.
