Your company depends on your enterprise resource planning (ERP) system. You took nearly two years to implement your SAP, Oracle, or Microsoft Dynamics system, and you spend about $2M each year just to maintain and upgrade it.
Now you want to transform your accounts receivable function to gain digital tools, straight-through processes, and data analytics you can use to improve cashflow. You know that creating a seamless order-to-cash process will help you manage customer relationships, from online contract signing and purchase orders to electronic invoicing, automated reminders, and payments. You’ll also benefit from integrated credit management and collections, to reduce bad debt that can hurt your business.
Pop Quiz – Should you:
• Configure your ERP system by adding an e-invoicing module?
• Customize your ERP system to your business processes?
• Connect your ERP system to a SaaS-based order-to-cash platform?
Let’s look at each option in turn. (Hint: Read our POV, Soar, Don’t Stumble: How to Make Your ERP Flexible and Nimble for our recommended solution. Get the POV now.)
Configuring Your ERP System – Your ERP system likely offers an “out-of-the-box” e-invoicing module. You can implement it to gain new business capabilities, but you’ll need to identify your desired functionality, hire an army of consultants, and wait at least 6 to 12 months for the system to go live.
Customizing Your ERP System – Many times, configuration isn’t enough. Companies want to customize new modules to their business processes. However, this process is costly, takes months or years, and further ties you to a legacy platform that may have end-of-life issues. Since many companies will be adopting i-ERP (Intelligent ERP) cloud-based systems over the next 2-3 years, you may not want to do that.
Connecting Your ERP System – Finally, you can use our API to connect the ERP system of your choice (more than 700 are supported!) to Order2Cash, a ready-to-use, SaaS platform that provides rich digital functionality, enabling you to get online in 1-3 months and begin reaping ROI from Day 1. You’ll benefit from best-of-breed functionality, a future-proof solution, and the ability to connect to a world of B2B and B2G networks. That’s important, because electronic invoicing mandates are beginning to come to the US, as companies mandate that their suppliers either connect to their AP portals – or pay a fee to enter invoice data manually.
(Want to see all the pros and cons of configuring, customizing, or connecting your ERP system in a handy table you can share with decision makers? Download the POV.)
Enterprises are moving away from legacy platforms, adopting cloud-based applications that provide great functionality and real-time data, integrate easily with APIs, and don’t tether them to vendors or technologies.
For many enterprises, integrating best-of-breed tools to “bootstrap” aging platforms into the digital transformation era is the way to go. Companies benefit with a fast solution that meets their needs, while maximizing the value of a legacy platform.
When you decide to connect your ERP to Order2Cash, you’ll get a great platform that’s been Gartner-reviewed; adopted by market-leading companies like Calvin Klein, Hertz, and KONE; and provides ongoing value in the form of staff time savings, lower invoicing costs, faster payments, and reduced invoice exception and collection issues.
Says one such customer. “Working with Order2Cash and building the central invoice portal has resulted in a range of benefits for our company,” says Carsten Muessig, Senior Project Leader I2C (Invoice to Cash) at Hertz. “In the first year we were able to realize a significant cost saving of 25%, but more than that, we have been able to greatly improve the customer experience for many of our clients.”
Connect your ERP to Order2Cash for fast value.