The Four-Way-Match with FieldFX: Improving the Quote-to-Cash Process
Quote-to-Cash is one of the most critical processes for many service providers, yet few organizations have effectively optimized the process. Many companies take a manual approach in executing their Quote-to-Cash workflows. All work is done on paper, Excel, email, or even on a whiteboard. These manual processes create a lack of real-time information causing departments to become siloed, which can be costly to an organization.
Slower Cash Flow
Many times, the quote that was agreed upon does not match the invoice, causing the customer to kickback the invoice. The accounting department now has to negotiate with the customer to figure out where the information does not match up. This problem can take days or weeks to resolve which can lead to high days sales outstanding (DSO) and significantly slow down the incoming cash flow.
In the Quote-to-Cash process, before the job can begin a quote must be sent to the customer. The scope of work usually will determine what will be included on the quote. Rogue pricing can take place during this time and heavily discounted items can quickly add up and impact revenue leakage of the company.
Invoicing all quoted items can be challenging when processes are strictly on paper. Lost paper tickets or billable items that were not captured onto the ticket, cannot be invoiced for. These mistakes can go unnoticed leaving thousands of dollars on the table. Revenue leakage of any kind can hurt the profitability of a company.
When organizations heavily rely on manual processes, the data that is collected is stored in many different ways. Decentralized data limits access to critical information resulting in a lack of transparency between departments. Teams aren’t able to attain important information that can make them more effective and efficient.
Today many companies use data to make important business decisions. But when data is decentralized, companies are not able to leverage analytics and reporting capabilities. The lack of insight from these powerful tools makes it difficult for organizations to make data-driven financial and operational business decisions.
FieldFX: The Four-Way-Match
FieldFX digitizes, automates, and streamlines the Quote-to-Cash process, which reduces the time and resources that were traditionally spent on manual approaches. FieldFX’s four-way-match is an accurate quote, producing an accurate ticket, generating an accurate invoice- with the price book serving as the common foundation. The alignment of information from a price book to the final invoice ensures the customer is presented with the correct and complete invoice the first time around. Before processing, invoices would take days or weeks, but with FieldFX the customer can be invoiced the same day the job is completed. See how FieldFX impacts every stage of the Quote-to-Cash process in this infographic.