After looking at the evaluation scorecard and calculating the final weight scores it becomes easier for the C-suite to decide on which vendor to choose for automating the cash forecasting process.

Adding another layer of detail to the vendor shortlisting process the committee should look out for certain exceptions and few final details before choosing the right vendor. These details are:

Same weight scores of vendors: Committees can address this challenge by verifying the cash forecasting automation solutions robustness, scalability, and support provisioning by speaking to both the vendors’ customers. The vendor with better & stronger customer reference on the cash forecasting automation can be shortlisted.

What does the vendor’s cost structure look like: It is important to consider the initial setup fees, monthly subscription fees, additional setup/customization charges while selecting the vendor. A detailed flow of pricing would make it easier to arrive at a conclusion.

How has the vendor performed with respect to the high-priority features: Even after the final calculation, it is important to cross-check the evaluation. For instance, vendor 2 has secured 307/400, however, is the vendor performing the best in all the high-priority sections? If it is not, then the committee should investigate the reasons behind it, & then
arrive at a conclusion.

After the vendor selection, it is important to build a business case and present it to the C-suite. This business case would help the senior executives to get an overview of the planned automation project along with the vendor’s contribution to it. While building the business case, it is important to highlight the Savings & Average Rate of Return(ARR) as the C-suite is always eager to know what profit their investments would bear in near future.

This ebook helps in building a business case for automating cash forecasting. A sample vendor evaluation scorecard & a weighted scorecard has been created for the user to put into practice vendor evaluation and shortlisting.

About HighRadius:

HighRadius is a Fintech enterprise Software-as-a-Service (SaaS) company that leverages Artificial Intelligence-based Autonomous Systems to help companies automate Accounts Receivable and Treasury processes. The HighRadius® Integrated Receivables platform reduces cycle times in your order-to-cash process through automation of receivables and payments processes across credit, electronic billing and payment processing, cash application, deductions, and collections. HighRadius® Treasury Management Applications help teams achieve touchless cash management, accurate cash forecasting and seamless
bank reconciliation. Powered by the Rivana™ Artificial Intelligence Engine and Freeda™ Digital Assistant for order-to-cash teams, HighRadius enables teams to leverage machine learning to predict future outcomes and automate routine labor-intensive tasks. The radiusOne™ B2B payment network allows suppliers to digitally connect with buyers, closing the loop from supplier receivable processes to buyer payable processes.

About Treasury Solutions:

The HighRadius^TM Treasury Management Applications are a suite of the world’s first AI-powered solutions designed to support treasury teams across all industries by automating and enhancing their cash forecasting, cash management, and bank reconciliation processes. The HighRadiusTM Treasury Management Applications are unique in the approach that they are powered by an Artificial Intelligence technology created exclusively to redefine the forecasting, bank reconciliation, and cash management processes so that treasurers spend lesser manual effort but extract better outcomes such as making more accurate cash forecasts across all cash flow categories, increased forecasting frequency and variance reporting, gaining instant visibility into real-time cash positions across bank accounts at any level and achieving 99%+ straight-through reconciliation of bank statements without human intervention. The solutions are delivered via the cloud which enables them to be seamlessly integrated with multiple systems including your ERP.