It has and still is an amazing adventure with pretty much every client at varying degree's. It is clear now that where NEXUM's sits in an organisation determines our ability to accurately monitor the health of their business.
Recently a large client placed NEXUM towards the front end of the business monitoring the 'customers financial journey'. This was a great opportunity for us as we were not just capturing problems i.e. bills/invoices outstanding and query's/disputes - otherwise known as bad news, we were able to track the customers as they initially hit the clients business and monitor their own adventure and experiences.
With credit/revenue management we all often see the symptoms of illness on the surface, the repetitive cough or the rash! Debtor days and write offs are signs of the illness, they are often symptoms of something far more serious. In our profession we tend to help clients manage the symptoms, make it less painful and slowly track back to identify root causes of issues. Then the project and our work really begins as we start to re-engineer the process. One of our corporate clients, First Utility is an excellent example of a forward thinking corporate reviewing, changing, implementing and improving - Herbert Smith Freehills take the process further with us. For both organisations the ultimate goal is to achieve the highest levels of financial health possible.
Capturing the client at the front end of the business and tracking them through the bill to cash cycle enables us to monitor signs of health and as soon as one of their customers/clients signs the slightest chance of a negative symptom NEXUM acts.
Good credit/ revenue management is about helping the 'business' take on and continually develop customers/clients that offer the highest levels of financial health to the business. Financial health is not just about the money as it points to the quality of the relationship and the product/service supplied.
A healthy business is one that delivers a high value, quality service to customers/clients that are able and willing to pay because they feel that they have received value and are satisfied.
One of current projects involves working with a client on a range of issues, on the face of it they are burdened by them and were initially reluctant to implement a solution like NEXUM as they felt they never had the capacity or the energy to do so. The simple solution from us was to create a battle plan tackling individual areas with a quick fix to rapidly repair an area of the business then move on to the next...
Credit and revenue management is changing at a dramatic pace, we are fast becoming financial medics to our clients and no longer cleaners mopping up the mess!