Technology Vendor Evaluation: The Essential Questionnaire


4 world class GPOs from Cargill, Air Products, Keurig Dr Pepper and Danone† explain how they changed the tides in their favour and prepared their A/R† for future.

Contents

Chapter 01

The Alphabet Soup: Cutting Through the Clutter of Buzzwords

Chapter 02

The Paradox: Extensive Hype and Minimal Adoption

Chapter 03

The Fragmented Technology Vendor Landscape

Chapter 04

Technology Vendor Evaluation: The Essential Questionnaire

Chapter 05

Technology Buffet in the Order-to-Cash Cycle: RPA, AI, and ML

Chapter 06

Summary - 5 steps for AR transformation with AI

Chapter 07

About HighRadius
Chapter 04

Technology Vendor Evaluation: The Essential Questionnaire


Against the backdrop of the hype and technology breakthroughs, the businesses need to distill fact from everything else. This section illustrates a simple and effective approach to shop for enterprise AI in this tricky market, by zeroing in on the right questions to consider. These questions should focus on the different facets of the problem and solution. This would help the readers to arrive at a checklist before they approach the vendors. The following enlists the six essential questions and aspects of technology vendor evaluation: 1. Business problem: The first and foremost step is recognizing the fundamental need of technology for a particular organization. The key is understanding the real problem or opportunity you are trying to solve ? is its growth, cost, compliance, customer satisfaction or something else? 2. Single solution: The second aspect is to look for a complete solution that addresses all the key concerns instead of identifying and resolving individual problems. This enables the firm to avoid the burden of completing incomplete solutions. Moreover, choosing from an inventory of systems and later dealing with integration problems is a nightmare that businesses would like to steer clear of. 3. Results timeline: The third aspect is the end result. It is important to look for true agility instead of misleading IT development philosophies. Definite timelines must be set up to achieve ultimate business outcomes and realize the true potential of automation. 4. Flexibility: Is the solution responsive and can rapidly adapt to change? The fourth aspect revolves around flexibility. To prevent frequent revisits and revisions, the solution must ensure scalability. Your team should be able to build further, go deeper, broader and expand into the features and functionalities offered by the automation without any fuss. 5. Non-intrusive: The fifth factor to consider is coherence. The automation should fit seamlessly into your existing technology landscape. The companies should be able to leverage the investments they had made prior to adopting the solution and not let the new solution render their current systems obsolete. 6. Fundamental change: The whole idea of an AI solution is to bring about a steady, scalable and effective change in the way organizations work today and not just bring in temporary, band-aid solutions. For this to happen, they need to understand what real AI features to look out for in the multitude of existing solutions. With today?s aggressive economy, the A/R domain is all the more in need of the superpowers of AI. The next section explores how the AI and RPA features revamp the order to cash processes.

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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.