Case Study: Go Live Data

Streamlining Credit Management Process and Aged Debt Recovery Collections

Introduction

Go Live Data (GLD) is a leading data provider serving large companies across the UK. Due to their rapid growth, GLD needed to adopt and implement a new credit management process and strategy promptly.

Collect Wise, a credit control and credit management consultancy, stepped in to deliver a tailored solution. By implementing Collect Wise’s recommendations, GLD achieved significant improvements in aged debt recovery and credit control efficiency within just four months.

Challenges Faced by Go Live Data

Rapid growth led to increased complexities in credit management.

Inconsistent credit control processes.

Aged debt build up from customer base.

CHOOSE THE RIGHT SUPPORT

The Collect Wise Consultancy Program

In March 2023, Collect Wise initiated a four-step consultancy program to address GLD’s credit control challenges:

Review & Assessment

The Collect Wise consultancy team thoroughly reviewed GLD’s credit control systems, tools, and existing processes. This step aimed to identify areas for improvement and streamline the credit control workflow.

Recommendations & Proposal

Based on the findings from the initial review, Collect Wise generated a comprehensive report outlining specific recommendations for process enhancements. The report covered topics such as order to cash process, credit management policy, terms and conditions recommendations, payment options, and termination clauses.

Implementation Support

To facilitate the smooth adoption of recommended changes, Collect Wise offered hands-on support during the implementation phase. This ensured that GLD’s credit control process underwent a seamless transition.

Test & Review

During the Test & Review stage, Collect Wise diligently monitored the performance of the newly implemented credit control process at Go Live Data. As a result, aged debt was significantly reduced within a short period, ensuring improved cash flow and financial stability. Building on this success, Collect Wise provided valuable recommendations for future enhancements, aimed at optimising credit control efficiency, and enhancing customer satisfaction.

Conclusion & Results

Collect Wise’s collaboration with Go Live Data resulted in a streamlined credit management process, improved aged debt recovery, and efficient credit control practices.

By implementing Collect Wise recommendations, GLD experienced significant improvements in financial stability, customer satisfaction, and overall operational efficiency.

Through ongoing strategic credit management, GLD is now well-equipped to continue their growth trajectory while maintaining financial health and positive customer relationships.

With a commitment to ongoing improvement, Go Live Data is well-positioned to continue its growth trajectory while maintaining a robust and customer-centric credit management approach.

Reduction in aged debt

0 %

Within four months, GLD’s aged debt reduced significantly, positively impacting cash flow and financial stability.

Enhanced Credit Control Process

Streamlined credit control process and automation of reminders led to efficient collections and timely payments.