CHAPEL HILL, N.C., Nov. 2 /PRNewswire/ -- With a continued focus on quality and efficiency in the manufacturing environment, best-in-class companies continue to focus on opportunities for streamlining processes to maximize both internal and external customer relationships. In reviewing the credit and collections functions for manufacturing organizations, more than three-quarters of the benchmark class posts greater than ninety percent of customer remittances to their accounts within twenty-four hours, as found in a new report released by Best Practices, LLC.
Best Practices, LLC CEO, Chris Bogan, stated, "Automation of the credit and collections functions represents an exciting new frontier to accelerate cash flow and improve productivity." Indeed, data from the recent study of such companies as Dow Corning, Fujifilm, Kingston Technology, Moen and Newell Rubbermaid identified several key practices and metrics that can lead to better management of the credit and collections functions in a manufacturing environment.
For a complimentary summary of the full report "Credit & Collections Management in the Manufacturing Industry," click on the following link http://www3.best-in-class.com/rr875.htm. The study enables organizations to identify performance gaps and areas for improvement to better manage their credit and collections functions.
Key topic areas covered and benchmark metrics represented include:
-- Account Remittance Posting
-- Automation of Payment Application
-- Automation of Credit Remittances
-- Credit & Collections Management Improvements
-- Dispute Management Efficacy
-- Electronic Invoice Presentment & Payment Utilization
-- External Communication Issues
-- Internal Communication Issues
-- Key Credit & Collections Issues
-- Key Customer Service Issues
-- Process Management Opportunities
|SOURCE Best Practices, LLC|
Copyright©2007 PR Newswire.
All rights reserved