Happy independence day to all our American readers.. Hope you are having fun today….
We started on value adds in the last post, and let you with a pondering question.
In the example that I had given in the first post for Customer account reconciliations, one key thing was that we as an outsourcer / back office went beyond our call of duty. We started analyzing why those amounts were written off. We talked to our client / principal to take an approval for reaching out to their customers, especially the retail chains… We did analytics on how much material did those chains really needed and since the product was perishable, the retailers returned what went bad. Building this model and all our efforts cost our client about $100,000, which case to us a s a gain share from this client..
So, based on your client’s business, it is always good to find incremental ways to add value.
In the given example at https://faoblog.com/processes-ar-customer-account-reconciliations/, you can go into the details of why some retail stores were having a bigger returned wastyage than others, or you could analyze why the direct customers did not pay up? Maybe they went on vacation, instructed the supplier not to deliver and he still did? Or the product supplied was ending up rotting due to longer storage / incorrect storage? So here not only you can reduce the write-offs but also gain good customer loyalty for your client by proper follow up. I know a number of call centers that do this.
So, to make yourself effective you have to go much beyond the transaction.
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And apologies for the delayed post today. I made sure I don’t miss 🙂