Cash Forecasting Automation Vendor Evaluation Scorecard

Cash Forecasting Automation Vendor Evaluation Scorecard

2 August, 2023

An Excel-based vendor evaluation scorecard to select the vendor that achieves the highest score as the cash forecasting solution provider.

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CONTENT
How does one arrive at a conclusion for making a purchase?
What’s inside the toolkit?
How to use the vendor evaluation scorecard?
Need some help?
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How does one arrive at a conclusion for making a purchase?

The decision-making involves 4 major steps:

  • Learning about the needs or requirements of a product.
  • Researching about the product and the vendors that deliver it.
  • Comparing features and quality through reviews.
  • Choose the best quality product in the budget from a trusted vendor.

Similarly, to buy an automated cash forecasting solution, a buyer needs to do thorough research on the functions and benefits provided. Here’s a vendor evaluation toolkit to help you in shortlisting the cash forecasting vendors that align the best with your business goals.

What’s inside the toolkit?

  • An e-book that provides a step-by-step guide to the treasurers and C-Suites in shortlisting the most compatible cash forecasting solution vendor based on your company’s requirement and motive of the forecast.
  • A vendor evaluation scorecard to compare between features and functionalities provided by each vendor and make strategic decisions to select the vendor that is the most profitable/ ROI generating for the company.

How to use the vendor evaluation scorecard?

  • Measuring various vendors based on the features provided by them.
  • Understanding the priority of the features based on the weights assigned to them.
  • Calculating the total score of the vendors and picking the best-fit solution provider.

Need some help?

HighRadius has experience in implementing AI-based cash forecasting solutions for Fortune 500 companies. We could get you started in the same direction.
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HighRadius Cash Forecasting Cloud – an advanced forecasting system – leverages the proven RivanaTM Artificial Intelligence (AI) platform to provide the most accurate cash flow forecasts – right from a ledger account level and rolling up to the organizational level. Delivered as a Software as a Service (SaaS), the solution seamlessly integrates with your company’s ERPs, accounting systems, banks and order management systems. Multiple AI and Machine Learning algorithms process datasets including bank statement inflows/outflows, sales orders/customers invoices, purchase orders/vendor invoices and expense reimbursements for comprehensive as well as accurate cash flow forecasts. The closed-loop, machine learning feedback system ensures that the forecast models become more accurate with time.

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