Data Harmonization is the Key to Automating the Quote-to-Cash Process
Data harmonization is the process of bringing together data varying in format and sources into one coherent data set, creating one source of truth. Leveraging data that’s systematically combined through data harmonization empowers service providers to level-up their quote-to-cash process from a manual to an automated system.
Impact of a Manual Quote-to-Cash Process
The quote-to-cash process is at the heart of every service provider’s business. Crucial data from sales, operations, and finance is needed in order to create an end-to-end process. However, much of the data is siloed off as many service providers house most of their data in spreadsheets and in filing cabinets filled with paper. Furthermore, the lack of transparency between departments can cripple the quote-to-cash process. Different teams within the organization need access to the same set of data in order to create an efficient process.
Without data harmonization problems of visibility, incomplete or inaccurate data and lack of standardization can cause inefficiencies. Many times, pricing that was agreed upon in the Price Book or Master Service Agreement at the start of a job does not mirror the final invoice. Sometimes even crucial items are left off of the ticket making the invoice incomplete. In a manual world, human errors and duplicates are very common within the process causing delays or more work to get the correct invoice out the door. Delays in invoicing can significantly impact a company’s Days Sales Outstanding (DSO). Manual quote-to-cash processes stunt company growth and make it difficult to keep up with customer needs and demands.
Industry Based Requirements for Quote-to-Cash
The quote-to-cash process for service companies in the energy industry is very complex. Once companies realize they want to streamline and move away from paper-based processes, the pressure to implement a generic solution may be tempting. However, they can only solve the problem for the short-term, because these types of solutions do not have the domain expertise to meet the specific needs of the industry. In order to have long-term success, companies ultimately have to pick a solution that understands the way the industry impacts their quote-to-cash process.
Operating in the energy industry raises specific requirements such as complex pricing management, complicated invoicing requirements, strict contract compliance and lack of Internet at job sites. The ability to leverage data harmonization throughout the quote-to-cash process requires the solution to be able to meet these needs.
Data Harmonization Through Automating Quote-to-Cash with FieldFX
FieldFX enables service companies to create an accurate quote for a job, based on the correct pricebook. Then, while onsite, the field technician collects accurate job data in the field, offline from the Internet. When the Internet is again available, the data collected in the field is sent to the backoffice where it creates an accurate invoice The data in FieldFX is the single source of truth for the entire process. . We call this the four-way-match, when an accurate quote, produces an accurate ticket, generating an accurate invoice, with the price book serving as the common foundation. Another word for it- data harmonization. The resulting benefits are a reduction in DSO, increased cash flow and a streamlined, accurate quote-to-cash process.
FieldFX has the domain expertise to understand the complexity of the quote-to-cash process for service providers in the energy industry. Industry-specific requirements are built-in FieldFX out of the box, providing customers with a quote-to-cash solution built for their specific industry, allowing for a faster realization of value.
Learn more about FieldFX and how it’s helping companies automate their quote-to-cash process through data harmonization visit us here to schedule a demo.