The CFO’s growing emphasis on fast-tracking the cash-conversion cycle has made it necessary for A/R leaders to find a cloud-based solution that is intelligent and allows room for collaboration across the order-to-cash function.
Although a good amount of order-to-cash practitioners are going forward with automation initiatives in 2021 – one cannot deny that the success of such a massive project isn’t always guaranteed. 85% of the digital transformation projects fail, as per Gartner. That’s almost like saying a football team is expected to lose four out of five matches in an international tournament!
Just like the right football coach and manager – having the right technology and vendor can help you defy the odds and win the game. The 4C model highlighted in this blog is based on the International Data Corporation (IDC) 2020 SaaSPath Survey, which surveyed 1,915 organizations across five continents, including 11 countries, to perform A/R technology and vendor assessment.
This model will help you ask the right questions during the different stages of technology implementation and enable you to analyze and make better decisions for the success of your automation project.
Even before looking out for the technology options, look internally for the challenges faced by your team and the scope for automation:
Perform due diligence while choosing the right vendor and, more importantly, the right technology that meets your business needs:
Take charge during the implementation and try to list down the pros and cons of the automation implementation:
The success of any software implementation hinges on the post-implementation stage. Tap into the role of a change manager to ensure it delivers real value:
As an A/R leader, you should be the driver of change in your function and take charge of the entire digital transformation project. The ‘one-size-fits-all’ plan doesn’t apply to technology selection. For such a massive project to be successful, you must understand the significance of choosing a technology that meets your business requirements.
IDC has positioned HighRadius as a Leader in the 2020–2021 IDC MarketScape for worldwide SaaS and cloud-enabled A/R automation software for both mid and enterprise markets. Discover the A/R technology and vendor assessment process and the observations from IDC across this journey in the link below.
HighRadius Integrated Receivables Software Platform is the world’s only end-to-end accounts receivable software platform to lower DSO and bad-debt, automate cash posting, speed-up collections, and dispute resolution, and improve team productivity. It leverages RivanaTM Artificial Intelligence for Accounts Receivable to convert receivables faster and more effectively by using machine learning for accurate decision making across both credit and receivable processes and also enables suppliers to digitally connect with buyers via the radiusOneTM network, closing the loop from the supplier accounts receivable process to the buyer accounts payable process. Integrated Receivables have been divided into 6 distinct applications: Credit Software, EIPP Software, Cash Application Software, Deductions Software, Collections Software, and ERP Payment Gateway – covering the entire gamut of credit-to-cash.