The Nexdigm team decided to undertake the project in a phased manner. In the first phase, we focused on historical data and reduced the historical outstanding account balances by 92%, without any write offs. The second phase focused on process optimization, where we redesigned and detailed a process to streamline execution and reduce costs. The result was a reduction in the payment collection period (DSO) by 40% within the first 9 months of the project while enhancing data tracking, reporting, and controls, at each step. In this phase, we also managed to align the Cash Application method with global standards.
Using continual process improvement, robotics, and excel automations, as well as enhanced query and conflict resolution process, the client managed to reduce data entry errors in receipt posting/allocation and improve customer relations through proactive communication.