International Debt Recovery and Credit-Control Services

How to successfully centralize cash collection in an in-house or outsourced shared service centre.

 

Looking to reduce costs and improve efficiency many businesses look to combine their finance operations into a shared service centre, place their non-core business functions with an outsourced business process provider (BPO) or utilize a combination of the two.

Whether servicing multiple operations in one territory or managing processes for multiple markets across the globe, internal or external shared service centres can help organisations reduce costs and deliver a consistent, high service standard across their finance functions.

However, whilst there is plenty of evidence that shared service centres result in financial savings and an improvement in service delivery, for many companies the gains they predicted fail to materialise and with hindsight many businesses would choose to do things differently.

To help businesses avoid common pitfalls, we have developed a guide to the successful implementation of cash collection in a shared service facility.  

What you’ll learn in this guide:

Invoice-to-cash is one of the finance functions which can see huge benefits from centralisation. These include:

  • Cost efficiencies
  • Improved flexibility and scalability
  • Process optimisation
  • Greater Controls
  • Potential to build and maintain successful teams
  • Improved reporting and analytics

The key areas which should be considered when building your cash collection centralization plan include:

  1. Recruiting the right transformation team.
  2. Establishing measurable objectives tied to overall business goals
  3. Ensuring your processes are optimised
  4. Harnessing the right technology
  5. Implementation of change
  6. Establishing what good looks like
  7. Reassessment and evaluation.

Even the best laid plans will have some gaps or last-minute changes which need to be resolved. However, it is surprising how many businesses actually make the same simple mistakes – ones which can have serious consequences, but which can be easily avoided. We have outlined seven of these below.

  1. Failing to establish process for measuring success.
  2. Moving over inefficient processes
  3. Over focus on cost reduction
  4. Expecting too much too soon
  5. Not having the correct human resource in place to manage the transition period
  6. Settling for less than optimum efficiency
  7. Challenges recruiting and maintaining staffing levels

A look at how a global pharmaceutical company's  difficulties in recruiting staff with appropriate knowledge and language capabilities impacted their ability to deliver a consistent service across all markets. A review of the strategies they implemented to address this and achieve their financial targets.

Download Now: A Guide to Cash Collection Shared Service Implementation

ebook

 

4D Contact has extensive experience in supporting business on their cash collection centralization journey.  If you make the decision to move your cash collection to a dedicated shared service resource for your business, an outsourced provider or utilise a combination of the two and need some support, please book a meeting with one of cash collection specialists.


Contact us now at: samantha@4dcontact.com or on 020 37691487.

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Whatever your global debt recovery or credit management requirement, we can provide a solution - managing individual projects or as a permanent resource.

  • Multilingual services available
  •  High-touch, voice-led solutions
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  • Highly-trained and motivated staff
  • Quantifiable results with measurable ROI
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Utilise our expertise to meet your global debt recovery and credit-management needs

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Our brief consultations are designed to outline the impact your organisation could achieve, whatever your starting point and unique requirements.

"I have worked with Richard, Mark and the 4DC team very successfully for the last seven months. During this time, they have managed on behalf of Travis Perkins a high volume, low value portfolio of overdue debt ranging from 30 days overdue to the more difficult +120 days bucket. Collecting in excess of £8m. Both the relationship and transition have been seamless, feeling like part of the TP family (for staff and customers). I highly recommend them and will definitely continue to use the service in the future."

Michelle Maddock

OTC Programme Director, Travis Perkins,