Optimizing Financials: A Turnaround in Receivables Management
Overview:
Diligent Global embarked on a transformative project with a prestigious airline to revamp their Receivables Management system, aiming to reduce high error rates and inefficient follow-ups that were leading to significant reconciliation efforts and transparency issues in dispute resolution.
Challenges:
- Substantial error rates in the existing SAP-based solution.
- Cumbersome follow-up processes leading to high manual reconciliation efforts.
- Lack of transparency in dispute resolution, impacting customer relations.
- Customers exceeding high credit limits due to inadequate control mechanisms.
Solutions:
- Deployed a comprehensive FSCM-Receivables Management solution to enhance visibility and control.
- Implemented a standardized basis to follow up with customers, ensuring defined collection strategies.
- Introduced a Dispute Management module for streamlined resolution processes.
Results:
- Significantly reduced error rates and manual reconciliation efforts.
- Established a transparent and efficient dispute resolution process.
- Enhanced credit management, ensuring adherence to set credit limits.
Summary:
Diligent Global’s intervention in Receivables Management for the airline client has streamlined financial operations, resulting in a more robust, error-resistant, and transparent system. These improvements have not only optimized internal workflows but also elevated the customer credit management process.
Are you ready to streamline your financial operations and enhance your receivables management?
Connect with Diligent Global today at kalpesh.chavda@diligentc.com, and let’s discuss how we can tailor a solution to meet your unique needs.
