With Proudfoot, you can.
A LEADING GLOBAL ELECTRONICS BRAND with 15 divisions needed to sure up cash flow to fund future growth plans.
The CFO wanted to focus on unbilled receivables, billing performance and past due collections to reduce cycle time and improve working capital but data wasn’t flowing, summarized, shared or used in a systematic way because of inconsistent processes and systems were used across most divisions. Proudfoot was brought in to turn the existing challenges into opportunities:
Working together with Proudfoot, the client team:
Developed systematic remote coaching and empowered the team to leverage a newly-defined escalation process.
Allowed more transparency at all levels. Accounts Receivable data, that was previously reported quarterly or monthly, was now available and reviewed weekly with drill down, trend analysis and work prioritization capabilities for all divisions with common easy-to-understand metrics.
Built a systematic and unified order-to-cash process to permit future billing and collections on time while reducing existing past dues.
Developed and implemented Accounts Receivable Attack Teams, Billing and Unbilled Controls, Billing Performance Trackers, Account Optimization Tools and Cash Flow Scorecards.
Created an Early Warning System that allowed Finance, Accounting and Billing to partner with Sales and Operations to collectively address cash flow constraints.
Enhanced the organization’s in-house continuous improvement capacity and embedded capability into their daily responsibilities to ensure the sustainability of the order-to-cash initiative.
The program’s sustainability allows our client to continue addressing issues with the largest impacts to cash flow, and with the necessary sense of urgency to further reduce past dues.
Accounts receivable data that was previously reported quarterly or monthly, is now available and reviewed weekly with drill-down, trend analysis and work prioritization capabilities for all 15 divisions with common easy-to-understand metrics.
“I like that we’ve built fundamental processes and tools using short interval control.
We now have data to make decisions
and move the needle.”
Chief Financial Officer