Utilizing An Order-To-Cash Solution For Optimal Corporate Performance
AR BEST PRACTICE
It is axiomatic for businesses to seek continual improvements in operations, and to leverage the best technologies to maximize corporate performance. This is especially true for the order-to-cash operations of business, for OTC processes drive and underpin the entire customer experience. OTC transactions are often at the core of customer relations, as well as interactions between various internal departments, and any malfeasance or tardiness in fulfilling OTC orders can have massive ramifications on companies performance.
As such, it is of paramount importance to investigate, test, and utilize the right order-to-cash solution in your organization. Such determination should not be made without extremely careful consideration, however. When delving into the question of OTC software, decision makers in the C-suite must thoroughly consider the finance and operation impact, as well as rigorously evaluate costs and procedural outcomes.
Step-By-Step Guide to Finding an OTC Solution
Step 1: Thoughtfully Review Your OTC Processes
Before investing in or implementing any software or technology, it is prudent to acquire working understanding of the OTC process your organization currently has in place. Identifying your current OTC process enables you to objectively evaluate its weaknesses, and from here, discern required changes or improvements. Utilize the skills and expertise of key personnel within your organization to strategically assess the current process and to ascertain areas that require streamlining or overhauling.
Step 2: Research Your Needs
Any successful search for an ideal OTC solution requires you to carefully research and understand the precise needs of your organization. Make sure you clearly articulate your objectives and use precise terminology that can be communicated to third parties, such as software vendors. Knowing exactly the type of solution you need allows you to better filter out inappropriate candidates while honing in on the candidate that is most likely to be effective.
Step 3: Examine Available Options
The software market for OTC solutions is vast, with large number of vendors, differing levels of service, and licensing models to choose from. An executive in the finance department should have their research team thoroughly investigate the available options and investigate their features, such as customer service, licensing models, and scalability, as well as their reliability and trustworthiness as vendor. It is also advisable to ask for demo of any solution so its usability and performance can be objectively observed and evaluated.
Step 4: Compare and Evaluate It
Once you have done your research and examined information on different potential candidates, it is important to compare and evaluate the available options. Consider the cost of each solution, as well as the potential returns it could generate through improved productivity. Additionally, compare the scalability offered by each solution, as well as its flexibility and how adaptable it is to your specific needs. Checking customer feedback on vendor’s performance and reliability is also of vital importance.
Step 5: Make Your Decision
Your decision criteria at this stage should be based on your objectively determined needs as outlined in Step 2, as well as the data obtained from Step and Step 4. Also consider the technical ability of your team and the amount of training needed to ensure the successful implementation of the solution. Once all these steps have been taken, it is time to make your decision and to proceed with the introduction of your new OTC solution.
Conclusion
Ultimately, the technology that an organization opts for should serve to reinforce the companies procedures and to release the fullest potential in corporate performance. The selection of an order-to-cash solution is no exception, and it is choice thatshould be made with extreme care and due diligence. Implementing the right OTC solution can enable business to become more streamlined, making operations more efficient and impacting the bottom line. While the task of finding suitable OTC solution may seem daunting, following the discussed five-step guide will significantly aid any executive in making the right decision.
