Credit & Collections Management in the Manufacturing Industry
STUDY OVERVIEW
This benchmarking study was conducted to gain insights into how the credit and collections function within a manufacturing company is best managed to create the greatest efficiencies and service. This 28-slide presentation provides key metrics and a great deal of qualitative lessons learned that will enable organizations to compare the structure and management of their credit and collections functions against those of the benchmark class and leverage the practices of other organizations. The study will enable organizations to identify performance gaps and areas for improvement to better manage their credit and collections functions
KEY TOPICS
• Optimal Credit and Collections Structure
• Efficient Systems for Credit and Collection Processes
• Credit and Collection Function Improvements and Results
• Qualitative Lessons Learned:
• Process Management Opportunities
• Key Credit & Collections Issues
• Key Customer Service Issues
• External Communication Issues
• Internal Communication Issues
KEY METRICS
The following metrics show the percent of companies in the benchmark class in various categories in the following areas:
• Centralization in Credit and Collections Departments
• Departmental Responsibility for Credit and Collections
• Ranges of Percentages of Remittances Posted in 24 hours
• Ranges of Percentages of Payments that are Automatically Matched & Applied
• Use of Automated Credit Remittances
• Electronic Invoice Presentment & Payment (EIPP) Utilization
• Credit & Collections Management Improvements
• Practice of Charging Back Unearned Discounts to Customers
• Effectiveness Ratings of Various Dispute Management Policies
• Effectiveness Ratings for Various Management Improvement Initiatives
Business Operations > Financial Management d
Industries Profiled:
Manufacturing; Medical Device; Computer Hardware; Consumer Products
Companies Profiled:
Corning; British American Tobacco; Dow Corning; Clover SA; Moen Incorporated; Distell; W.R. Grace; Johns Manville; Schneider Electric; Kingston Technology; Lexmark; Newell Rubbermaid; Fujifilm; Rich Products; Sonoco
Key Findings
Centralization of credit and collections functions allows for consistency of policy implementation across the company.
- Systems that are transparent to clients and communicated effectively can increase efficiency of payment.
- Dispute management systems have been found to have a significantly beneficial impact on improving customer satisfaction and improving collections while reducing days sales outstanding.
Back to Top
Related Research:
Pharmaceutical Science Excellence:
CMC Activities, Resources, and Performance
 |
STUDY OVERVIEW
Best Practices, LLC conducted this study to better understand resource and investment levels, expertise, and activities in global (pre-launch) Chemistry, Manufacturing and Control (CMC) operations in top pharmaceutical companies... (ID POP-225)
Companies Profiled: Johnson & Johnson, Sanofi-aventis, Daiichi Sankyo, Pfizer, more ...
Price: $10500.00 Free Excerpt Available
| |
Benchmarks for Excellence in Caribbean Retail Financial Services
 |
The intensely competitive nature of the retail-banking industry prompted members of the Barbadian retail financial services industry to join together to explore common “pain points” experienced by retail banks and credit unions in their search for customer service excellence... (ID OP-100)
Companies Profiled: Royal Bank of Canada, City of Bridgetown Co-Op Credit Union, Butterfield Bank, Barbados Public Workers' Co-operative Credit Union Ltd., more ...
Price: $1100.00 Free Excerpt Available
| |
|