Part 6 of the Payments and Cash Flow Series.
Now that the organization has the will, is aligned across different functional areas, and the estimated value and outcomes have been shared with key leaders in the organization, it’s time to focus on the core business and technical requirements to achieve the desired outcome and create value for the enterprise.
Questions for consideration to identify your company’s requirements
It’s important to think about what’s required for success, both now and in the future. Answering these key questions will help you to identify your company’s requirements:
- 100% spending/supplier coverage. To meet your definition of success, will your program need to address 100% of spending or only specific spending and supplier segments?
- Services. With current staff or a partner, what services and expertise will you need to be successful? Some examples are program design/strategy, supplier enablement, training, and integration.
- Tools. What types of tools will you need to accomplish your goals? These include tools to manage dynamic discounting, supply chain financing, and payment execution.
- Geographic scope. Based on your supplier segmentation and spending profile, are global capabilities and services a primary focus or secondary?
- Platform vs. point solutions. Is a separate point solution for each specific problem preferred, or is one common platform across multiple processes better for your company AND your suppliers?
- IT strategy. What’s your IT strategy? How many connected systems are in scope and where do they all fit in the process flow, from invoicing through payment?
- Mitigating risk. In seeking to mitigate risk, which categories are of the highest concern to your organization and its stakeholders?
Call to action
This is the time to define your core requirements for a payments and/or cash flow initiative, ranking them in order of importance across the following four categories:
- Partner: Key elements include experience, expertise, capabilities, successes, references, global coverage, innovation, business model, and long-term viability.
- Functional: Core capabilities include dynamic discounting, supply chain financing, and payment automation.
- Technical: Requirements include architecture, security, monitoring, single-sign on, integration, and third-party accreditation support.
- Services: Support services include program design, best practices, implementation/integration, user and supplier training, internal and external communication, supplier enablement, program management, growth/continuous improvement.
And if you haven’t already done so yet, get our complimentary ebook, Insider’s Guide to Improving Payments and Cashflow. You’ll learn how to build a business case for improving payment processing and cash flow management, and determine core requirements for a successful program that will deliver measurable value to your organization. Don’t miss it.
Learn how organizations are gaining instant financial insights and using them to make better decisions—both now and in the future. Register now for the 2017 Financial Excellence Forum, Oct. 10-11 in New York City.