A Scandinavian industrial company wanted to become worldclass in Accounts Receivable management. The company offers a wide range of sustainable products for everyday use, made of renewable, recyclable, and biodegradable materials. It employs 10.000+ people and has production plants in several countries.
Enhancing transparency and performance through Finance transformation
Finance Transformation goes beyond traditional financial management, focusing on end-to-end transformation in areas such as Accounts Receivable, credit management, and process optimization.
For this client, the TriFinance team combined strategic advisory and practical implementation, ensuring clear goals, effective change management, and continuous improvement. Our experts conducted a thorough audit of the client’s Accounts Receivable processes, identifying root causes of inefficiencies, and then implemented a series of improvements, including defining clear roles, establishing updated procedures, and creating a robust claims handling system, all aimed at enhancing transparency and performance across the department. Through co-creation, the TriFinance ensured the client’s processes were optimized for greater efficiency and future growth.
Lack of Process Transparency
After years of business growth, the company’s Accounts Receivable department was struggling with an overly complex process. The department lacked a process for handling claims and was held back by unclear roles and responsibilities. Procedures and controls were not up-to-date and incomplete. The absence of transparency and common understanding prevented effective collaboration within and outside the department.
TriFinance performed an audit of the situation and worked with management to set up a pragmatic action plan. Through data analysis and document review, the TriFinance team was able to identify the root causes, obtain buy-in, and initiate the implementation of improvement opportunities.
Workshops and Actions
Through workshops and a process walkthrough, a series of steps was taken to bring the department to the next level of performance.
Specifically,
- Clear roles and responsibilities were defined with a dedicated care team responsible for handling discrepancies.
- Procedures and controls were established and communicated to key personnel.
- Reports were defined with a clear distinction between managerial and operational indicators.
- A claims handling process was designed with a highly effective log system to exchange information across departments and provide management with an overview of the financial impact of claims.
- A claims policy was also implemented with clear roles, responsibilities, and an authorization threshold for management in finance and operations.
End-to-End perspective
TriFinance’s best practices in advisory and implementation enable us to create end-to-end solutions. The success of this project relied on our combined expertise in finance, credit management, process analysis, and project management.
Through co-creation and hands-on collaboration, we found pragmatic solutions for the client’s Accounts Receivables process owner and specialists.
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