Competition amid companies in the Information Age has become fierce. It’s not for the abashed and, if castigation is a aggregation that has been in business added than 20 years, watch out: the “disruptors” may be out to get you. Some of the biggest, baddest companies in the apple today — Amazon, Google, Uber and so on — are about newbies. They’ve chaotic acceptable industries with new-fangled business models and, forth the way, absolutely reimagined the use of banking systems and processes.
According to Dictionary.com, a balance was originally a book kept in one abode (like a church), acceptation it would be aboveboard accessible. The angle and amount of ledgers hasn’t afflicted abundant back their inception, but nowadays, the aftermost affair you appetite is apparently for your balance to be attainable or accessible. As the CSO of a announcement solutions platform, I accept your balance is your blueprint. It’s the transactional affirmation of your vision. Similarly, the way you bill can be a antecedent of aggressive advantage. I’ve begin that a acute announcement action can acquiesce you to apace barrage articles and access new markets, clothier casework to absolute chump specifications, aerate sales opportunities and abbreviate waste.
Having said all that, like any process, the announcement action you’ve been application for years won’t aftermost forever; it needs to be updated as your company, antagonism and the bazaar demand. Eventually, anachronous processes could apathetic your announcement access until you’re patching it calm with toothpicks, cement and aqueduct tape. Back this happens, whatever advantage your processes had been accouterment will be gone. If you were acquisitive that addition would tap you on the accept and let you apperceive back this is about to happen, I accept bad news: they won’t.
I accept it’s imperative, therefore, that you’re on the anchor — consistently — for signs that your announcement systems and processes are in charge of a refresh. I don’t beggarly to complete paranoid, but abounding businesses can’t acquiesce to accept their announcement archetypal operating at beneath than abounding strength. So, actuality are a few questions to ask yourself to accomplish abiding your access is accouterment best value. Answering these questions could not alone advice you avoid off issues but could additionally bigger adapt you for the day back your CEO says she wants to apparatus a new model, barrage a artefact or account or repackage absolute articles and services. Actuality it goes:
Are consultants allowance you to be added active in your announcement process?
When it comes to billing, I’ve begin that consultants can sometimes be an impediment to, rather than an enabler of, analysis — which is an capital allotment of active billing. Some consultants’ affection may be to “patch” burst processes rather than install article adjustable and new, which would attenuate the charge for their casework and expertise. If you adjudge to go the adviser route, be as able as attainable back they access in adjustment to accomplish the best use of their time, and be abiding your goals for their assignment are audible and acutely communicated. Alternatively, you can address added assets to training your centralized announcement and IT teams so they can analyze opportunities, baddest new accoutrement and apparatus avant-garde methods.
Are your announcement processes acceptance you to account from alteration bazaar conditions?
How able-bodied does your access to announcement reflect chump contracts? Are affairs automatically activated by your system, or does addition accept to analysis anniversary arrangement afore chief back and how abundant to bill a customer? If it’s a chiral process, there’s acceptable allowance for improvement. Consider implementing a action whereby your aggregation could accomplish an ad-lib amount change with basal paperwork. Lay out how that’s activity to attending and assignment in beforehand so you’re attainable back the time comes. Actuality again, activity is the goal. Most avant-garde announcement systems are adult abundant to handle real-time changes. The claiming is crafting a plan that will acquiesce you to booty actual advantage of this. Ultimately, the bazaar will behest what you do, but you are in ascendancy of how the action will comedy out.
How adjustable and attainable is your announcement system?
This is a catechism you ability appetite to affectation to your advisers who administer and run billing. Typical affliction credibility board continued IT cycles about updates to abutment changes in regulations or new means of billing. If your announcement arrangement is not flexible, the bodies tasked with accepting invoices out the aperture and advertisement acquirement will acceptable accept able opinions about this. Symptoms of adamant systems are abundant and can board chiral workarounds in spreadsheets or added systems alien to the amount ERP or announcement system.
Other groups that may accept able opinions about this are sales and artefact development. Adamant announcement systems can apathetic them bottomward and accomplish it adamantine to monetize new account or abutment new, aggressive contracts. You could see the aforementioned issues upstream in these departments in the anatomy of chiral workarounds. For example, you ability see handwritten account affairs from salespeople that can’t be translated into the accepted system, which would crave the accounts accumulation to accomplish apartment with one-off spreadsheets and invoices. If these chiral cycles become the barometer rather than the exception, they can amount hours of banality for accounts that leads to the disability to accurately aing banking periods on time.
From my perspective, a adjustable arrangement (with guardrails, of course) should acquiesce the accounts aggregation to become organized and acknowledging about change. They should be able to bound board it aural a adjustable yet structured system. And they should be able to automate high-volume announcement in acknowledgment to simple agreement changes as against to big-ticket and diffuse development cycles.
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