This paper aims to examine different methods employed in requirements determination, collection, and organization. It will further outline effective communication techniques to gather information from various organizational stakeholders, utilizing a range of approaches to articulate proposed solution characteristics. Additionally, it will analyze and present approaches to initiate, specify, and assess the feasibility of such projects. Furthermore, this paper will utilize structured systems analysis and design methods to devise a solution for the proposed business problem.
Finally, this paper will discuss advanced yester analysis and design in a clear and concise manner, while adhering to proper writing mechanics and technical style conventions. The focus will be on Introduction Especially for You Jeweler’s, a small jewelry company located in a college town. Despite experiencing significant growth over the past few years, the company’s financial performance has not been able to keep up. The current system, which combines manual and automated processes, lacks adequate tracking of accounts receivables. As a result, the company is facing difficulties in identifying the reasons behind the high receivables.
The company runs regular promotions to attract customers, but it is uncertain if these efforts are profitable or if any benefit, if there is one, comes from associated sales. Especially for You Jeweler’s aims to enhance repeat sales among its current customers, so it must establish a customer database. Additionally, the company intends to implement a new direct sales and accounting system to address these issues. The new system will play a crucial role in the expansion and success of Especially for You Jeweler’s.
The direct sales portion should keep a record of every sale, have the ability to connect to the inventory system or cost data, and generate a daily profit and loss report. The customer database should be capable of generating purchase histories to support management in creating targeted mailings and special sales for current customers. Detailed credit balances and aged accounts for each customer would assist in addressing the issue of high accounts receivable balance. Sending special notice letters and credit history reports would aid management in decreasing accounts receivable.
Suggest at least five expected business benefits that Especially for You Jeweler’s company might obtain from implementing a new system. Justifications for these suggestions should be provided. In the present era, technology has emerged as a crucial tool in the business realm. Contemporary businesses rely heavily on automated technologies for routine activities and strategic planning. As technology continues to rapidly advance and evolve, organizations often find themselves grappling with the decision of how to handle obsolescence in computer technology, which is a significant cost and decision-making factor.
The implementation of a new system by Especially for You Jeweler’s will enable the company to access the information system and generate various types of information, including balance sheets, performance reports, asset values, and invoices. One aspect of the new system is the inclusion of libraries comprising standard reports that can assist accounts payable and receivable departments in preparing financial data. Similar to many other business decisions, the choice to replace servers, software, and computers instead of upgrading revolves around weighing the costs against the benefits.
Strategic planning and scalability considerations are vital for technology expenses. The issue faced by Especially for You Jeweler’s involves the high receivables, emphasizing the need for an appropriate system. The most suitable choice for Especially for You Jeweler’s is the Collections Workouts with SAP OFFS. Here are five key business benefits that Especially for You Jeweler’s Company should consider:
1. Uniformity of process: SAP Collections Management offers a structured organizational framework to categorize customers into various segments and groups.
These typically correspond to legal entities and teams within an Accounts Receivable team. Collections Workouts are user-friendly and allow for seamless transition between team members in the event of absence or illness. One of the key advantages of prioritized Workouts is that team members do not have to determine which customers to contact on a given day; this task is delegated to the system. As a result, low-risk customers are not contacted while more attention is given to higher-risk customers.
The advantage of this is that the parameterization is completely customizable, allowing clients to create their own rules. This is a significant benefit when comparing it to a standard Aged debt report in SAP Accounts Receivable, which can only be sorted by Customer Name or outstanding debt amount. Performance Management: Providing your Accounts Receivable team with a new tool to aid cash collection is important, but reporting on the actual benefit is necessary to truly understand the value of the process and solution change.
With SAP Collections Management, you can track the number of customers contacted by an Accounts Receivable team member over a specific time period. This data can be used to compare the performance of the team member with their peers, enabling the Accounts Receivable Manager to monitor their performance and make informed decisions. Additionally, this solution allows for recording and reporting on the notes made by team members, addressing a common issue with the existing SAP Accounts Receivable solution.
Previously, team members would print large amounts of Aged Debt information and write down notes about customer contact. While this may be convenient for team members, it does not benefit managers or replacements who need to contact customers. However, by incorporating the ability to record and report on these notes within the Collections Workouts feature, a single reference point is created. This reference point can be easily accessed by any authorized user, providing a unified source of information. Additionally, Collections Management has been designed to seamlessly integrate with other SAP OFFS modules, such as Dispute and Credit Management.
The Collections Workouts allow users to manage customer Disputes. This includes raising, changing, and displaying Disputes. The front screen of the Workouts has a column dedicated to displaying the value of outstanding debt that is currently under Dispute. Furthermore, the Workouts are integrated with SAP Dispute Management and SAP Credit Management within SAP OFFS. This integration allows for the calculation of a customer’s credit score, which can then impact their risk class.
SAP OFFS Credit Management offers a superior alternative to the standard relation in core SAP Accounts Receivables. One advantage is the ability to use real SAP data to assess a customer’s creditworthiness. In contrast, the traditional method involved offline techniques or relying on third party scoring. With SAP OFFS Credit Management, Collections Workouts can be prioritized based on various factors such as the value of customer disputes and the risk class derived from SAP OFFS Credit Management. To enhance the company’s system capabilities, I propose the following five features along with their rationale:
The direct sales and accounting system is crucial for the future growth and success of Especially for You Jeweler’s. It must track every sale, connect to the inventory system for cost data, and generate a daily profit and loss report. Additionally, the customer database should provide purchase histories for targeted mailings and special sales to existing customers. Moreover, having detailed credit balances and aged accounts for each customer would resolve the issue of high accounts receivables.
Special notice letters and credit history reports can aid management in lowering accounts receivable. Additionally, the system can track individual sales, report on cost data for inventory items, generate daily profit and loss reports, track purchase histories of individual customers, produce special mailings, and maintain accounts aging with reporting. It is important to ascertain the three possible scenarios in this new direct sales and accounting system. The accounting branch is responsible for recording all financial activities of business operations within a specified trading period.
