Fast Cash: How to Speed Up Invoicing
Invoicing takes much too long: It's a classic problem dumped at the door of many an IT department. Here's how one company took a fresh look at its poky process following an ERP revamp and cut days from cash collection.
What other third-party apps should IT execs think about with regard to a likely future desire for tight integration with ERP? The mix of these apps will vary greatly by company and industry, but CRM, supply chain management and project lifecycle management software should top your list, Martens says. Analytics, partner relationship management and supplier relationship management software may also beg for tight integration, she adds.
RTC plans to keep improving its invoicing and delivery documentation and processes. "We're looking to extend this further," Coffman says. "Some clients want not only a bill of lading but also proof of delivery." In other words, these customers want a bill of lading that says what day the package hit the customer's door, not just what day it left RTC's door, he says.
The company will also continue to simplify internal documentation. "We have a huge temporary workforce here," he notes, doing jobs like packaging products. "We have a challenge presenting documents that are easy to read. We are taking shop-floor documents and making them easier for people."
