Go Live Data
Streamlining Credit Management Process and Aged Debt Recovery Collections
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
The Collect Wise Consultancy Program
In March 2023, Collect Wise initiated a four-step consultancy program to address GLD’s credit control challenges:
Stage 1: 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.
Stage 2: 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.
Stage 3: 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.
Stage 4: 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.
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.
With the help of Collect Wise, Go Live Data achieved real tangible results. These included:
42% Reduction in Aged Debt
Enhanced Credit Control Process
Streamlined credit control process and automation of reminders led to efficient collections and timely payments.
Through ongoing strategic credit management, GLD is now well-equipped to continue their growth trajectory while maintaining financial health and positive customer relationships.
Contact Collect Wise
Need to improve collections performance and streamline your credit control processes? Contact us today