Part 7 of the Payments and Cash Flow Series.
Your organization desires a set of business outcomes and is aligned on goals and timing. You have support from a cross-functional group of executives. Core requirements have been identified. Now it’s time to select a partner to help ensure the success of your payments and cash flow initiative.
Key considerations when selecting a partner
Before compiling your shortlist and initiating conversations, your company should determine which criteria are most important for you when selecting a partner. Examples of key considerations include:
- Experience: How experienced is the company in payments and/or cash flow? How many years have they focused on these areas, how many buyers and suppliers have they onboarded, what lessons learned have they collected, and what improvements have they made over time?
- Expertise: Depth of expertise extends to the company’s people as well as their solutions and services. Is the expertise specific to a solution area(s), industries, geographies, etc.?
- Capabilities: To what extent do the capabilities match and/or exceed your requirements? Think about future expansion and alignment with corporate IT strategy. Will they be able to support you not only today, but also in the future?
- Successes/references: Request examples of success and discussions with reference clients about their experiences, challenges, and results.
- Global coverage: Which countries, currencies, and languages do they support? Where do they have a local presence and support for solution capabilities and services?
- Innovation: Is there a track record of innovation that extends to a future roadmap? Note: It’s also valuable to learn about the evolution of capabilities and services, and delivery history against a plan.
- Business model: Understand how the partner will make money and if the business model supports long-term viability for the company’s success and staying power.
- People: Have confidence and be comfortable with the people you’ll work with, including the partner’s leadership. These programs thrive when they are approached as collaborative relationships. The people you work with can be just as important as the tools you use.
Call to action
To help with the partner selection process, you should:
- Define key questions to ask. Determine what you need and want to know and categorize the questions.
- Prioritize selection criteria. Focus on what’s most important and impactful for your decision criteria; i.e., what criteria is a “must have” vs. “nice to have.”
Take the next steps
We can help you with your payments and cash flow project. Our team of industry experts can provide guidelines, project templates, partner selection criteria, and all the tools you need to initiate, plan, implement, and execute a successful project.
To contact us, send an email to: SAP_improvefirstname.lastname@example.org
Read our complimentary e-book
And if you haven’t read it yet, get our complimentary Insider’s Guide to Improving Payments and Cash Flow e-book. You’ll learn how to build a business case for improving payment processing and cash flow management, and determining 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.